Oil Prices Drop 1% on Weak Chinese Demand Despite OPEC Supply Cuts
- Oil prices fell 1% on soft Chinese demand despite OPEC extending supply cuts
- Brent crude settled at $82.08/bbl, posting a 1.8% weekly loss
- Weighing on prices weaker China imports, global growth concerns, rising output
- Supporting prices OPEC+ extended cuts, prospect of lower interest rates
- Analysts say demand outlook key; prices hinge on balance between supply and demand