FX.co ★ Oil On Track For Weekly Gain

Oil prices slipped on Friday but were on course for strong weekly gains on signs of tight supply, China stimulus hopes and easing U.S. recession fears.

Benchmark Brent crude futures were down 0.4 percent at $83.42 a barrel, while WTI crude futures were down 0.3 percent at $79.86.

Oil prices were on track for a fifth week of gains, with WTI and Brent contracts set to rise more than 2 percent and 3 percent for the week, respectively after warnings of tight supply due to production cuts by OPEC and its allies.

Demand worries also eased after a slew of U.S. economic data released overnight pointed to a resilient economy.

Data showed on Thursday that the U.S. economy grew more than expected in the second quarter, helping quell fears of an imminent recession.

Also, weekly jobless claims continued to fall and new orders for key manufactured capital goods unexpectedly rose in June, helping ease fears of slowing demand.

Meanwhile, China stimulus hopes spurred expectations of oil demand regeneration from the world's largest importer of crude oil.

China's state media quoted the housing minister as saying that the country needs measures such as lower home mortgage rates to help spur home purchases.