Oil prices have dropped more than 2$ per barrel early Friday, in what’s seen as a continuation of a bearish trend. Both WTI and Brent prices have dropped below 80$ per single barrel, marking a further decline and a weekly drop for the prices of the black gold.

Harry Tchilinguirian, head of research at Onyx Capital Group had a comment: “The oil market is struggling to retain its recently recaptured $80/bbl floor as the recent string of weak macroeconomic indicators reassert their downward pressure while geopolitical concerns appear to fade into the background”.

A mix of bad economic data from China appears to have no end in sight, as worsening unemployment, drop in new home prices as well as slowed industrial output, are lowering the demand for oil from the world’s second largest user. Chinese refineries have also reported a drop in their output in July, accounting for a whopping 6% total drop.