Oil Prices Poised for Weekly Gain Despite Friday Dip

Oil prices dipped slightly on Friday but were still on track for a second consecutive week of gains due to positive U.S. economic data that boosted demand optimism. Despite this, concerns remain about geopolitical tensions in the Middle East and reduced Chinese demand. While U.S. fuel demand appears strong, Chinese refineries have decreased output due to weaker demand in July. OPEC also lowered its demand projections for the year, citing concerns about the Chinese market.