NEW YORK (Reuters) - Oil prices fell on Friday, extending a week-long loss, as investors also worried about global demand for crude amid slowing economic growth in China.
In a related economic context, in a volatile session, futures fell to Brent crude eighty-three cents, equivalent to one and three-ten percent to settle the price at $ 61.91 a barrel, after falling to the lowest level of the session at $ 60.76 per barrel price.
US West Texas Intermediate (WTI) crude futures were trading around 50 cents, or 0.9 per cent, to close at $ 55.91 a barrel, with a session low of $ 54.75 a barrel.
Brent also fell 3.7 percent over the week, its biggest loss of the week since early August, while West Texas fell three and sixteen percent, in the sharpest loss since mid-July.
Crude contracts fell along with other risky assets after news that the US government was considering the possibility of canceling the listing of Chinese companies on the US stock exchange, a source familiar with the matter said today.
On the other hand, the move will be a dramatic escalation in trade tensions between the US and China.
Earlier in the same session, the contracts fell directly after Iranian President Hassan Rouhani said the US side offered to lift all sanctions against Iran in exchange for talks again and sitting at the negotiating table to find a costume that would satisfy all parties.