Oil futures declined on Friday with expectations for a supply surplus next year, strength in the U.S. dollar, and continued worries over demand from China — the world’s largest crude importer — setting prices up to post a loss for the week.

Oil prices held near a two-week low on Tuesday after dropping about 5% over the past two sessions as investors absorbed OPEC's latest downward revision for demand growth, a stronger U.S. dollar and disappointment over China's latest stimulus plan.