Oil prices fell by about 2% at settlement, with little change over the week, as Brent crude dropped below $80 a barrel amid declining investor expectations for demand growth from China, the largest oil importer.

Brent crude futures fell $1.36, or 1.7%, to $79.68 a barrel at settlement. West Texas Intermediate (WTI) crude futures fell $1.51, or 1.9%, to $76.65 a barrel.

Brent ended last week at $79.66 a barrel, while WTI settled at $76.84 a barrel.

Data from China on Thursday showed that the economy lost momentum in July, with new home prices falling at the fastest pace in nine years, industrial production slowing, and unemployment rising.

This led to concerns about reduced demand from the world’s largest oil importer, as refineries sharply cut crude consumption last month due to falling fuel demand.

The Organization of the Petroleum Exporting Countries (OPEC) cut its demand forecast for this year on Monday, citing weak prospects in China.

The Paris-based International Energy Agency also pointed to weak demand in China when it lowered its forecast for 2025 on Tuesday.

Oil prices rose earlier in the week as traders anticipated an Iranian response to avenge Israel after the assassination of Ismail Haniyeh, head of the political bureau of the Palestinian Hamas movement, last month in the Iranian capital Tehran.