Crude Oil Prices Decline as China's Demand Outlook Dims

Crude oil prices for front-month deliveries experienced a decline on Friday, triggered by renewed concerns over demand in China, the world's largest importer. This downturn followed a forecast from state-owned refiner Sinopec, which anticipates the country's oil demand to peak by 2027 due to weaker diesel and gasoline consumption.

West Texas Intermediate (WTI) for February contracts saw a decrease of 1.18% to $68.60 a barrel. Meanwhile, Brent for the same month's settlements dropped 1.11% to $72.09 per barrel at 6:23 am ET.