Oil prices head for solid weekly gain of 6% on China demand hopes

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 hikes in the United States.

Brent crude futures fell 17 cents, or 0.2%, to $83.86 a barrel by 0119 GMT, while U.S. West Texas Intermediate (WTI) crude futures slipped 12 cents, or 0.2%, to $78.27.

Brent has jumped 6.7% so far this week and WTI is up 6.2%, recouping most of the previous week’s losses.