Oil falls to 3-week low, posts weekly losses

Oil drilling rigs

Oil prices settled lower on Friday, recording a weekly loss amid concerns over the performance of the US and China.

Brent crude futures for September delivery fell by 1.1%, or 74 cents, to $68.44 a barrel, marking their lowest level since July 4, and ending the week down 1.2%.

US WTI crude futures for September delivery dropped by 1.3%, or 87 cents, to $65.16 a barrel, deepening their weekly loss to 2.86%.

Data released today showed that US durable goods orders unexpectedly decreased in June, signaling a potential slowdown in industrial activity.

In China, fiscal revenue fell by 0.3% year-on-year in the first half of the year, according to data from the Ministry of Finance.

These developments have raised concerns in energy markets over oil demand in the two largest global economies, particularly amid ongoing trade disruptions.