Oil falls on China demand fears
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Oil futures fell about 1.5% on Friday due to declining Chinese demand and hopes of a Gaza ceasefire agreement; Brent crude settled down $1.24, or 1.5%, at $81.13 a barrel, while West Texas Intermediate crude ended $1.12, or 1.4%, lower at $77.16 a barrel; China's total fuel oil imports dropped 11% in the first half of 2024, raising concerns about the wider demand outlook in China; US refiners are preparing to cut back production as the end of the summer driving season nears; Valero Energy's 14 refineries will run at 92% of combined capacity in the third quarter; Baker Hughes' count of US oil drilling rigs increased by five to 482 this week and by three in July, raising the number of rigs for the first month since March.

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https://www.brecorder.com/news/40314684/oil-falls-on-china-demand-fears