Friday saw a slight decline in oil prices as traders evaluated upbeat OPEC demand projections against conflicting economic data from China, the world's largest oil importer.

Brent crude slipped15 cents to $86.25 per barrel while WTI dipped 13 cents at $82.69 per barrel.

OPEC announced on Thursday that it anticipates a 2.25 million barrels per day (bpd) increase in global oil demand in 2024, up from a 2.44 million bpd increase in 2023. From the previous month, neither forecast altered.

The U.S. consumer pricing data for July released on Thursday helped to boost market mood as well. This data fueled expectations that the Federal Reserve's aggressive rate rise cycle was coming to an end.

Although oil imports increased year over year, according to customs data, China's overall exports fell 14.5%, and monthly crude imports fell from nearly record highs in June to the weakest levels since January.

Additionally, according to data released this week, China's consumer prices entered a state of deflation and factory gate prices continued to decrease in July, raising concerns about the country's second-largest economy's fuel consumption.