Oil prices fell 2% on Friday in thin market liquidity, closing a week marked by worries about Chinese demand and haggling over a Western price cap on Russian oil.
Brent crude futures settled down $1.71, or 2%, to trade at $83.63 a barrel, having retraced some earlier gains.
"Because there's light volume after the holiday, we're giving up some of the gains here a bit," said Phil Flynn, an analyst at Price Futures group. Brent and WTI's market structure implies current demand is softening, with backwardation, defined by front-month prices trading above contracts for later delivery, having weakened markedly in recent sessions , .
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