Oil Prices Plunge for Fourth Week Amidst Sluggish Global Growth

Oil prices fell by over $1 on Friday, marking their fourth consecutive weekly decline. The drop came after data showed the US economy added fewer jobs than expected in July, casting a shadow on economic growth and crude demand.

Brent crude futures fell by $1.41, or 1.8 percent, to $78.11 a barrel, while US West Texas Intermediate crude futures dropped $1.59, or 2.1 percent, to $74.72. Both benchmarks have declined around 10 percent over the past four weeks, marking their longest run of weekly losses this year.

US job growth slowed more than expected in July, with unemployment increasing to 4.3 percent. This has led some analysts to predict weakness in the labor market and greater vulnerability to recession.

Ashley Kelty, an analyst at Panmure Liberum, warned that 'weak economic growth in major economies could stifle oil demand despite increased tensions in the Middle East that could impact supplies.' Economic data from top oil importer China and a survey showing weaker manufacturing activity across Asia, Europe, and the US also raised concerns about a sluggish global economic recovery.

Falling manufacturing activity in China and reduced imports and refinery activity have further added to concerns about demand growth. Meanwhile, OPEC+ meeting on Thursday left the group's oil output policy unchanged, including plans to start unwinding one layer of production cuts from October.