Chinese President Xi Jinping will arrive in Lima on Thursday, kicking off a week-long diplomatic blitz in Latin America by inaugurating the massive Chancay deep-water port, one of Beijing's most ambitious infrastructure investments in Latin America.

Chinese President Xi Jinping and his Peruvian counterpart Dina Boluarte officially inaugurated the Chancay megaport at an event in the Peruvian capital on Thursday. (AP video by Cesar Barreto)

China’s economy showed signs of stabilization last month, buoyed by the highest retail sales growth in eight months and indicating Beijing’s latest round of stimulus has boosted some key sectors.

Oil futures were slightly lower Friday and on track for weekly losses, plagued by a jump in the U.S. dollar and continued worries over demand from China, the world’s largest crude importer.

Oil prices fell on Friday, and were heading for a weekly loss, on worries about waning Chinese demand and expectations of fewer U.S. Federal Reserve interest rate cuts. Brent crude futures dropped 97 cents,

Oil prices fell on Friday and were on track to record a weekly loss due to weak Chinese demand and prospects of higher crude supply next year. Brent, the benchmark for two thirds of the world's oil, was trading 1.