USOI - Weekly Energy Recap: China Distracts From Strait Of Hormuz

This May 5, 2019, photo issued by Karatzas Images showing the British oil tanker Stena Impero at unknown location, which is believed to have been captured by Iran. ((AP))

China's economy slowed to the weakest pace since quarterly data began in 1992 amid the ongoing trade standoff with the US, while monthly indicators provided signs of some stabilization emerging.

Crude oil prices deteriorated despite rising tensions in the Arabian Gulf toward the end of the week. Brent crude prices dropped to $62.47 and WTI dropped to $55.63 per barrel.

WTI recorded its biggest weekly decline

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