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Brent crude futures slipped by 51 cents, or 0.6%, to $84.24 a
barrel by 1207 GMT. U.S. West Texas Intermediate (WTI) crude
futures were down 41 cents, or 0.5%, at $77.75.
Brent has risen about 1.3% this week while WTI is heading for a
gain of 1.9%.
"Those betting on higher oil prices are basking in the afterglow
of the positive macro data out of China," said PVM analyst
Stephen Brennock.
In China, activity in the services sector expanded at the
fastest pace in six months in February as the removal of tough
COVID-19 restrictions revived demand, a private sector survey
showed on Friday.
Manufacturing activity in China also grew last month, at the
fastest pace in more than a decade, reinforcing expectations of
a fuel demand recovery. China's seaborne imports of Russian oil
are set to hit a record high this month.
The world's top oil importer is becoming increasingly ambitious
with its 2023 growth target, aiming as high as 6%, sources
involved in policy discussions told Reuters this week.
The market broadly shrugged off a 10th consecutive week of crude
stock builds in the United States, as record exports of U.S.
crude kept the increase smaller than in recent weeks.
Russia's plan to deepen oil export cuts in March also helped to
buoy prices.
Meanwhile, analysts polled by Reuters expect the dollar to
weaken in the next 12 months, which would make
dollar-denominated oil cheaper for holders of other currencies.
On the central bank front, hawkish signals continue to emanate
from the European Central Bank, with Governing Council member
Pierre Wunsch saying its key interest rate could climb as high
as 4% if underlying inflation remains high.
(Reporting by Shadia NasrallaAdditional reporting by Sudarshan
Varadhan and Muyu XuEditing by David Goodman)
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