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(Reuters) - Oil prices eased on Friday and settled at a three-week low as traders worried about negative economic news from the U.S. and China and signs of growing supply.
Losses were limited by optimism U.S. trade deals could boost global economic growth and oil demand in the future.
Brent crude futures fell 74 cents, or 1.1%, to settle at $68.44, while U.S. West Texas Intermediate (WTI) crude fell 87 cents, or 1.3%, to settle at $65.16.
Those were the lowest settlement levels for Brent since July 4 and WTI since June 30. For the week, Brent was down approximately 1%, with WTI down around 3%.
In China, the world's second-largest economy, fiscal revenue declined 0.3% in the first six months compared to the same period a year earlier, the finance ministry said, maintaining the rate of decline seen between January and May.
The U.S. stock market ended higher Friday, with the S&P 500 finishing the week by notching a fifth straight record peak.
The S&P 500 closed 25.29 points higher, or 0.4%, at 6,388.64.
The Nasdaq Composite increased 50.36 points, or 0.2%, to end at 21,108.32 points, also scoring a fresh record high.
The Dow Jones Industrial Average gained 208.01 points, or 0.5%, to finish at 44,901.92.
The market closed on an upbeat note as investors weighed remarks that the president of the European Commission posted Friday on X about a “good call” with President Donald Trump ahead of a meeting in Scotland on Sunday to discuss trade relations.
All three major U.S. equities benchmarks rose on the week, with the S&P 500 and technology-heavy Nasdaq each booking back-to-back weekly gains while the Dow snapped back-to-back weekly declines, according to Dow Jones Market Data. The S&P 500 climbed 1.5%, while the Nasdaq saw a weekly rise of 1% and the Dow advanced 1.3% for the week.
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