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Oil fell around 2 percent on Friday and was on track for a second weekly decline, pressured by concern about weakening demand in China and further interest rate rises by the US Federal Reserve.  China, which sources say is looking to slow crude imports from some exporters, has seen a rise in COVID-19 cases, while hopes for the moderation of aggressive US rate hikes have been dented by remarks from some Fed officials this week.  Brent crude was down $1.80, or 2 percent, at $87.98 a barrel by 1325 GMT, having touched $87.86 earlier, the lowest since Oct. 3. US West Texas Intermediate (WTI) crude was down $1.52 or 1.9 percent at $80.12.  OPEC+, which began a new round of supply cuts in November, holds a policy meeting on Dec. 4.

Oil slides on China demand concerns, easing supply worries

Oil fell around 2 percent on Friday and was on track for a second weekly decline, pressured by concern about weakening demand in China and further interest rate rises by the US Federal Reserve.  China, which sources say is looking to slow crude imports from some exporters, has seen a rise in COVID-19 cases, while hopes for the moderation of aggressive US rate hikes have been dented by remarks from some Fed officials this week.  Brent crude was down $1.80, or 2 percent, at $87.98 a barrel by 1325 GMT, having touched $87.86 earlier, the lowest since Oct. 3. US West Texas Intermediate (WTI) crude was down $1.52 or 1.9 percent at $80.12.  OPEC+, which began a new round of supply cuts in November, holds a policy meeting on Dec. 4.

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