WASHINGTON (dpa-AFX) - Oil prices traded lower on Friday and headed for a second consecutive weekly decline on concerns about Chinese demand and the global economy.
Benchmark Brent crude futures slipped 0.1 percent to $85.02 a barrel while WTI crude futures were down 0.3 percent at $81.08.
Mixed U.S. economic data released on Thursday weighed on investor optimism and boosted the dollar.
A measure of regional manufacturing activity improved markedly in July while initial jobless claims increased more than expected last week, adding to concerns about the labor market.
Chinese demand concerns also weighed after a highly anticipated meeting of the Chinese Communist party expected to focus on the economy provided little cheer to investors.
Meanwhile, Reuters reported citing sources that a mini OPEC+ ministerial meeting next month is unlikely to advocate modifying the group's output policy, including a plan to start unwinding one layer of oil output cuts from October.
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