Brent crude oil price traded around $60 per barrel on Friday as rising worries over a global economic slowdown threaten to have a negative impact on oil demand around the world.
The international benchmark traded at $60.86 a barrel at 1230GMT with a 0.4 percent loss, after having closed the previous session at $61.09 per barrel. The benchmark posted a 3 percent decline this week after it opened Monday at $62.74 a barrel.
American benchmark West Texas Intermediate (WTI) traded at $53.05 per barrel at the same time on Friday with a 0.2 percent loss, having ended the previous day at $53.13 per barrel. WTI recorded a 1.1 percent loss this week, after beginning to trade at $53.66 on Monday.
Most of the decline in both benchmarks came on Tuesday when Brent crude fell 2 percent for the day and WTI posted a loss of 3.1 percent.
China announced late Sunday that its economy grew by 6.6 percent in 2018 -- its lowest pace in 28 years.
The slowest growth rate since 1990 for the world's second biggest economy raised worries that the global economy could slowdown in 2019 compared to last year.
The International Monetary Fund (IMF) added to worries when it revised down its forecast for global growth on Monday.
The IMF now estimates global economy to grow by 3.5 percent in 2019 and 3.6 percent in 2020 -- 0.2 and 0.1 percentage points below, respectively, its previous forecasts in October.
According to experts, a global economic slowdown would have a negative impact on oil demand around the world and push crude prices lower this year.
Rising crude output in the world's top three producing countries -- U.S., Russia and Saudi Arabia -- would also add to the glut of supply in the global market and keep downward pressure on prices, they added.
The U.S.' crude oil production remained near a record high level of 11.9 million barrels per day (bpd) for the week ending Jan. 18, the EIA data showed Thursday.
Crude oil production in the U.S. is expected to average 12.1 million bpd in 2019 and 12.9 million bpd in 2020, according to the EIA's Short Term Energy Outlook report for January.
By Ovunc Kutlu