Oil dipped on Friday as the market assessed the aftermath of interest rates hikes at central banks, but were poised for the biggest weekly gains in 10 weeks amid supply disruption concerns and China's demand recovery hopes.
Brent crude futures fell 24 cents or 0.3% to $80.97 per barrel by 0508 GMT. West Texas Intermediate futures slipped 29 cents, or 0.4%, to $75.82 per barrel.
The U.S. Federal Reserve indicated it will raise interest rates further next year, even as the economy slips toward a possible recession. The International Energy Agency projections of Chinese oil demand recovering next year after a 2022 contraction to 400,000 barrels per day . The agency raised its 2023 oil demand growth estimate to 1.7 million bpd.
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