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Oil prices fell on the world market on Friday. Both North Sea Brent crude and US WTI light crude fell slightly from the weekend. Driven by negative economic data from China, Brent crude prices fell below $80 per barrel. Tensions in the Middle East continued to develop in the opposite direction.
Brent crude oil SELČ depreciated 1.9% to hover around $79.50 a barrel around 5:10 p.m., while WTI crude oil fell 2.2% to around $76.40 a barrel.
Data on Friday showed China’s economy continued to lose momentum, stoking concerns about falling demand in the country, Reuters reported. Prices of new homes and apartments fell at the fastest pace in nearly nine years in July. Industrial production slowed and unemployment rose.
On the other hand, continued tensions in the Middle East, with Israel and the terrorist organization Hamas negotiating a ceasefire in the Gaza Strip, prevented oil prices from falling further sharply. People are also waiting to see how Iran will respond to the killing of two allied representatives on its territory and in Lebanon, which Iran blames on Israel.
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