Brent crude ends below $80, erases weekly gains

Oil drilling rigs

Oil prices retreated, erasing their gains for the week, as concerns over weak demand in China outweighed potential risks related to geopolitical tensions in the Middle East and Europe.

At the close of Friday's trading, Brent crude futures for October delivery fell by 1.7%, or $1.36, to $79.68 a barrel, ending the week almost flat.

Meanwhile, US West Texas Intermediate (WTI) crude for September delivery dropped by 1.95%, or $1.51, to $76.65 per barrel, marking a decline of 0.25% since the beginning of the week.

Data from Baker Hughes showed that the number of oil rigs in the US decreased by two, to 483 rigs, during the week ending August 16.