Oil prices dropped to their lowest levels since January after data showed U.S. job growth slowed more than expected last month, compounded by Chinese economic data that added pressure on prices.

Brent crude futures fell by $2.71, or 3.41%, to settle at $76.81 per barrel, marking a 4.3% weekly decline and the fourth consecutive weekly loss. U.S. West Texas Intermediate crude futures dropped $2.79, or 3.66%, to $73.52 per barrel, recording a 4.7% weekly loss. Both benchmarks fell by more than three dollars per barrel during trading.

U.S. job growth slowed more than expected in July, with the unemployment rate rising to 4.3%, signaling a potential economic slowdown. Chinese economic data showed a slowdown in manufacturing activity last month in the U.S., Europe, and Asia, increasing the risk of a weaker global economic recovery, which would impact oil consumption.

 The slowdown in Chinese manufacturing activity exacerbated concerns about demand growth, following data in June showing a decline in imports and refinery activity compared to the previous year. Data from the London Stock Exchange’s oil research division also showed that Asia’s crude oil imports fell to their lowest level in two years in July due to weak demand in China and India.