09:05 AM EDT, 10/18/2024 (MT Newswires) -- Oil prices eased early on Friday as China's third-quarter economic growth failed to meet its target, keeping demand from the No.1 importer light.

West Texas Intermediate crude for November delivery was last seen down US$0.23 to US$70.44 per barrel, while December Brent crude, the global benchmark, was down US$0.25 to US$74.20.

China reported its economy grew 4.6% in the third quarter, under the country's 5% target for the second-straight quarter as its economy continues to struggle amid a debt crisis in its real-estate sector and weak consumer spending.

"The second-biggest economy in the world was responsible for 70% of the demand growth last year. This share plummeted to 20% in 2024," PVM Oil Associates noted.

The drop comes even after the Energy Information Administration on Thursday reported that U.S. inventories dropped by 2.2-million barrels last week.