HOUSTON: Oil futures fell about 1.5% on Friday, finishing the week lower on declining Chinese demand and hopes of a Gaza ceasefire agreement that could ease Middle East tensions and accompanying supply concerns.

Brent crude settled down US$1.24, or 1.5%, at US$81.13 a barrel. West Texas Intermediate crude ended US$1.12, or 1.4%, lower at US$77.16 a barrel.