OIL FALLS $1 ON WEAKER CHINESE DEMAND, UNCERTAINTY AROUND DEC FED RATE CUT

Oil prices lost $1 per barrel on Friday and were bound for a weekly loss as investors fretted about weaker Chinese demand and a potential slowing in the pace of U.S. Federal Reserve interest rate cuts.

Brent crude futures dropped $1.09, or 1.5%, to $71.47 a barrel by 12:05 p.m. EDT. U.S. West Texas Intermediate crude futures were down $1.18, or 1.7%, at $67.52.

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