Oil dips but heads for weekly gain despite U.S. downturn fears

Oil prices fell in early trade on Friday but were headed for a weekly gain with the market continuing to seesaw between fears of a recession hitting the United States and hopes for strong fuel demand recovery in China, the world’s top oil importer.

Brent crude futures fell 28 cents, or 0.3%, to $84.22 a barrel by 0117 GMT, while U.S. West Texas Intermediate (WTI) crude futures fell 35 cents, or 0.5%, to $77.71.