Oil prices fell by more than a dollar on Friday, with Brent crude falling below $80 a barrel after a set of bleak July indicators from China overshadowed the impact of geopolitical risks.
Brent crude futures fell $1.07, or 1.32%, to $79.97 per barrel by 09:45 GMT.
US West Texas Intermediate crude futures fell $1.27, or 1.62%, to $76.89 per barrel, according to Reuters.
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“The oil market is struggling to hold on to its recent gains at $80 a barrel after a recent series of weak macroeconomic indicators caused downward pressure while geopolitical concerns appear to be fading,” said Harry Tchilinguirian, head of research at Onyx Capital Group.
In China, refineries sharply reduced crude processing rates last month due to weak demand for fuel.
The Organization of the Petroleum Exporting Countries (OPEC) on Monday lowered its demand forecast for this year, citing weak expectations in China.
Independent oil analyst Garav Sharma said that the real break away from the limited range of Brent crude prices is likely to come when the Federal Reserve makes a decision on whether or not to cut interest rates at its meeting in September.
The Libyan Waha Oil Company also contributed to curbing prices by resuming flows to the Sidra port after completing maintenance work on a pipeline.
Retail sales data in the United States exceeded analysts' expectations, while separate data showed that the number of Americans who filed new applications for unemployment benefits decreased last week, which renewed optimism about economic growth in the United States.
“Recession fears in the United States helped support the rise in oil prices this week, as better-than-expected retail sales and unemployment claims dampened concerns about a faster-than-expected deterioration in US economic conditions,” said Michael Brown, senior researcher at Pepperstone.