Oil slips on China, global demand

Oil price: Weak demand fears tempered growth

AP/Scanpix

News Wires

 10 August 2012 21:11 GMT

Oil prices slipped on Friday on data showing China's crude oil imports dropped in July and on weaker global oil demand forecasts by the International Energy Agency.

The data added to concerns about demand for oil going forward and countered supportive hopes or expectations that central banks will introduce more stimulus measures aimed at lifting global economic growth, Reuters reported.

Brent and US crude posted their second straight weekly gains, with Brent up 3.68% and US crude adding 1.6%.

Maintenance that should curb North Sea production and potential threats to supply from violence and tensions in the Middle East sent prices to 12-week peaks this week and lent support especially to Brent prices.

Brent crude's premium over US crude ended at…

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