Oil prices slipped in early trade on Friday but were on track for gains of more than 6% for the week on solid signs of demand growth in top crude-oil importer China and expectations of less aggressive interest rate rises in the United States.
Brent crude futures had fallen 33 cents, or 0.4%, to $83.70 a barrel by 0322 GMT, while U.S. West Texas Intermediate crude futures slipped 20 cents, or 0.3%, to $78.19.Analysts said recent Chinese crude purchases and a pick-up in road traffic fuelled confidence in a demand recovery in the world's second-largest economy following the reopening of its borders and easing of COVID-19 curbs after protests last year.
In another encouraging sign, ANZ analysts said a congestion index covering the 15 Chinese cities with the highest number of vehicle registrations had risen 31% from a week earlier. A weaker greenback tends to boost demand for oil as it makes the commodity cheaper for buyers holding other currencies.
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