Mubasher: Oil prices declined on Friday, with concerns regarding a weakened demand on American crude.

The West Texas Intermediate (WTI) has recorded its fourth consecutive weekly loss.

China is moving to reduce its purchases of American crude, amidst rising trade war fears.

Nymex futures for September delivery went down by 0.7% and settled at $68.49 per barrel.

Brent crude also went down 0.2% and reached $73.32 a barrel.