A rebound in industrial activity in China offset growing concerns about rising US crude inventories and potential rate hikes in Europe. As a result, oil prices slipped in early trading today. However, they were on track to post gains of nearly 2% for the week.

West Texas Intermediate (WTI) crude oil futures fell 41 cents, or 0.5%, to $77.75 per barrel. While at 01:47 GMT, Brent crude futures fell by 39 cents, or 0.5%, to $84.36 per barrel. WTI jumped around 2%, rebounding from a small loss the week before amid hopes for strong growth in fuel demand in China, the world's largest oil importer, while Brent has climbed around 1.6% so far this week, on track for a second straight week of gains despite a lower opening on Friday.