Oil prices slip on demand concerns, remain on track for weekly gain
Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC+ output cuts, News.Az reports citing Reuters.
Brent crude fell 42 cents, or 0.5%, to $83.82 a barrel by 0404 GMT, but was on track for a weekly 3.5% increase. U.S. West Texas Intermediate (WTI) crude fell 34 cents, or 0.4%, to $79.75 a barrel, but were heading for a 3.6% weekly increase.
Oil rose in the previous session as strong earnings reports and data showing the U.S. economy grew faster than expected in the second quarter eased fears of a global slowdown.
U.S. second quarter gross domestic product grew at 2.4%, beating the 1.8% consensus, the Commerce Department said Thursday, supporting Federal Reserve Chairman Jerome Powell's view that the economy can achieve a so-called "soft landing."