Oil falls below $80

Oil fell to a seven-week low ahead of this week’s OPEC+ meeting on concerns about the strength of global demand. Brent crude fell below $80 a barrel for the first time since early June. Brent crude fell 1.5 percent on Friday, its third weekly decline. U.S. crude fell below $76 today. The oil market has been under pressure in recent weeks as China’s economy grew at its slowest pace in five quarters. The country’s oil imports have also fallen. Geopolitical risks are also driving the decline. Investors are watching developments in the Middle East after Israel attacked Hezbollah targets on Sunday and threatened more retaliation. Prices have been holding high since the start of the year on OPEC’s oil supply policy and expectations that the Fed is moving closer to cutting interest rates. Key members of the Organization of the Petroleum Exporting Countries and their allies meet online a day later, with the market divided on whether the group will keep production levels unchanged. "Concerns about the Chinese economy have weighed on energy commodity prices generally, but demand concerns will likely lead to increased geopolitical risks in the Middle East early this week as the conflict between Israel and Hezbollah worsens," said Vivek Dhar, an analyst at the Commonwealth Bank of Australia in Melbourne.