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(Reuters) - Oil futures fell on Friday, declining more than 7% on the week after data showed China's economic growth slowed and investors digested a mixed Middle East outlook.
Brent crude futures fell $1.39, or 1.87%, to $73.06 a barrel. U.S. West Texas Intermediate crude settled at$69.22 a barrel, down $1.45 or 2.05%.
Brent settled more than 7% lower this week, while WTI lost around 8%, marking their biggest weekly declines since Sept. 2, when OPEC and the International Energy Agency cut their forecasts for global oil demand in 2024 and 2025.
In China, the world's top oil importer, the economy grew at the slowest pace since early 2023 in the third quarter, though September consumption and industrial output beat forecasts.
"China is key to the demand side of the equation so that is very much weighing on prices here today," said John Kilduff, partner at Again Capital in New York.
China's refinery output declined for the sixth straight month as thin refining margins and weak fuel consumption curbed processing.
All three major U.S. stock indexes closed higher Friday, clinching a sixth straight week of gains.
According to preliminary data from FactSet, the Dow Jones rose 0.1% to a fresh all-time high, the S&P 500 rose 0.4% to a record peak, and the Nasdaq Composite climbed 0.6%. All three major benchmarks rose for a sixth consecutive week.
For the week, the Dow rose 1%, the S&P 500 gained 0.9% and the Nasdaq advanced 0.8%, the preliminary data show.
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