Oil drops 2 percent on Wall St. losses, weak China data | Reuters

Oil drops 2 percent on Wall St. losses, weak China data | Reuters:

Oil prices dropped about 2 percent on Friday, weighed down by falling U.S. stock markets, while weak economic data from China pointed to lower fuel demand in the world’s biggest oil importer.

Brent crude futures fell $1.17 to settle at $60.28 a barrel, a 1.90 percent loss. U.S. West Texas Intermediate (WTI) crude futures lost $1.38 to settle at $51.20 a barrel, a 2.62 percent loss.

Global benchmark Brent posted a weekly loss of almost 2.3 percent, while WTI declined nearly 2.7 percent.