Brent crude fell 29 cents, or 0.3%, to $83.95 a barrel by 0600 GMT, but was on track for a weekly 3.6% increase. U.S. West Texas Intermediate crude fell 27 cents, or 0.3%, to $79.82 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.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."
The prospect of further Chinese stimulus measures, particularly in the embattled property sector, has also provided some support to prices, following a meeting of the Politburo - a top decision making body - on Tuesday. "Recent US 2Q GDP numbers and other economic data further validation for soft landing hopes and a much brighter demand outlook for oil," said Jun Rong Yeap, a market strategist at IG in Singapore.
Markets are also looking to the next market monitoring committee meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC+,
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