With Brent crude trading below $80 per barrel this week, oil prices decreased by about 2% on Friday as investors reduced their expectations of increased demand from China, the world’s largest oil importer.

The price of a barrel of Brent crude futures dropped $1.36, or 1.7%, to close at $79.68. West Texas Intermediate (WTI) oil futures for the United States dropped $1.51, or 1.9%, to $76.65.

WTI closed at $76.84 and Brent closed at $79.66 a barrel last week.

China’s economy lost steam in July, according to figures released on Thursday. The country’s industrial production slowed, new home prices dropped at their highest rate in nine years, and unemployment increased.

This has increased traders’ concerns about a decline in demand from the leading oil importer, whose refineries have drastically lowered the speeds at which they process crude.

Citing softness in China, the Organization of the Petroleum Exporting Countries lowered its prediction for the rise of oil demand this year on Monday. When it lowered its 2025 projections on Tuesday, the Paris-based International Energy Agency also mentioned the country of China’s weak demand.