WTI, Brent on pace for third weekly loss

U.S. crude fell more than 2% on Friday and is on pace for a third weekly decline as worries about demand in China outweigh strong economic growth in the U.S.

West Texas Intermediate oil is down 4.2% this week, while Brent is 2.3% lower.

The U.S. economy grew at a 2.8% pace in the second quarter, much stronger than expected. But oil imports to China were down 10.7% year over year in June, and refined product imports fell 32% during the same period, according to customs data. China is the world’s largest crude importer.

Here are today’s energy prices:

• West Texas Intermediate September contract: $76.51 per barrel, down $1.77, or 2.26%. Year to date, U.S. oil has gained 6.8%.
• Brent September contract: $80.57 per barrel, down $1.80, or 2.19%. Year to date, the global benchmark is ahead 4.6%.
• RBOB Gasoline August contract: $2.44 per gallon, down 2 cents, about 1%. Year to date, gasoline is up 16.3%.
• Natural Gas August contract: $2.02 per thousand cubic feet, down 1 cent, or 0.69%. Year to date, gas is down 19.4%.

Surprise rate cuts in China raised concerns that Beijing is struggling to breathe life into the world’s second-largest economy. The People’s Bank of China implemented a surprise interest rate reduction on Monday, followed by a trim to its medium-term facility lending rate on Thursday.

“The semi-panicky moves are increasing concerns that Chinese energy demand may be further into the future than expected,” Bob Yawger, executive director of energy futures at Mizuho Securities, told clients in a note Thursday.