Crude oil prices for front-month settlements declined on Friday as demand concerns seemingly rattled the markets after China, the world’s largest oil importer, unexpectedly implemented an interest rate cut in an effort to stimulate its economy. Furthermore, data revealed that oil imports to China declined by 10.7% in June on a yearly basis, while imports of refined products fell by 32% during the same period, seemingly fueling uncertainty regarding the demand for oil in the Asian powerhouse. West Texas Intermediate (WTI) for September settlements dropped 2.18% to go for $76.41 per barrel at 10:53 am ET. Brent for September deliveries fell 2.15% to $80.55 a barrel..