July 28 (Reuters) - Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC+ output cuts.
Brent crude fell 42 cents, or 0.5%, to $83.82 a barrel by 0404 GMT, but was on track for a weekly 3.5% increase.
U.S. West Texas Intermediate (WTI) crude fell 34 cents, or 0.4%, to $79.75 a barrel, but were heading for a 3.6% weekly increase.
But recent interest rate increases from global central banks seeking to tame stubborn inflation raised questions about long term demand.
Earlier this week oil fell after data showed U.S. crude inventories fell less than expected.
Persons:
Brent, Jerome Powell's, Baden Moore, Jim Ritterbusch, Laura Sanicola, Andrew Hayley, Lincoln, Sonali Paul
Organizations:
. West Texas, Commerce Department, Federal, Organization of, Petroleum, bbl, National Australia Bank, U.S . Federal Reserve, European Central Bank, Ritterbusch, Associates, Thomson
Locations:
U.S, 3Q23, Saudi, Galena , Illinois, Washington, Beijing