Oil prices dipped slightly on Friday as investors weighed OPEC’s optimistic demand expectations against mixed economic data in China.

Brent crude fell 15 cents to $86.25, while WTI crude futures fell 13 cents to $82.69 a barrel.

OPEC forecasted 2.25 million barrels per day growth in global oil demand in 2024, down from 2.44 million in 2023.

China’s exports fell 14.5% year-over-year, and monthly oil imports fell from June’s highs to the lowest levels since January.

Prices were underpinned by Saudi Arabia and Russia’s extension of output limits and supply fears of the Russia-Ukraine war hampering Black Sea oil exports.