Although oil prices declined in Friday's Asian trade, they were still expected to rise for a fifth consecutive week as a result of positive U.S. economic data, speculation about Chinese stimulus plans, and OPEC+ supply curbs.

Brent crude dipped 0.3% to $83.95 per barrel, meanwhile US WTI slipped 0.3% to $79.82 per barrel.

As data showed the U.S. economy expanded faster than anticipated in the second quarter and positive earnings reports allayed concerns about a worldwide recession, oil prices increased in the previous session.

Following a meeting of the Politburo on Tuesday, China's top decision-making body, the likelihood of additional stimulus measures, notably in the troubled real estate industry, has also helped to boost prices to some extent.

Markets anticipate statements regarding the continuation of voluntary output cuts at the upcoming meeting of OPEC+'s market monitoring committee on August 4. OPEC+ and its partners are collectively referred to as OPEC+.