NEW YORK: 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. US West Texas Intermediate (WTI) crude futures were down $1.66, or 2.1%, at $76.28 a barrel. There was no WTI settlement on Thursday due to the US Thanksgiving holiday and trading volumes remained low.