Oil prices settled down more than 2% on Friday as investors fretted about weaker Chinese demand and a potential slowing in the pace of U.S. Federal Reserve interest rate cuts.

Oil prices edged lower today, heading for a weekly loss, as investors digested waning Chinese demand and a possible slowing of the US Federal Reserve's interest rate cut path.

Oil prices fell on Friday as investors weighed signs demand in top crude importer China continues to underperform amid the country's uneven economic

Oil futures declined on Friday with expectations for a supply surplus next year, strength in the U.S. dollar, and continued worries over demand from China — the world’s largest crude importer — setting prices up to post a loss for the week.

Oil prices fell on Friday on signs demand in China, the world's biggest crude importer, continues to underperform amid its uneven economic recovery. Brent crude futures were down 65 cents, or 0.9%, at $71.