July 28 Reuters Oil prices slipped in Asian trade on Friday but were on track for a fifth straight week of gains following strong economic data in the U.S., and on speculation over Chinese stimulus measures and OPEC output cuts.

Brent crude fell 29 cents, or 0.3, to 83.95 a barrel by 0600 GMT, but was on track for a weekly 3.6 increase. U.S. West Texas Intermediate WTI crude fell 27 cents, or 0.3, to 79.82 a barrel, but were heading for a 3.6 weekly increase.

Oil rose in the previous session as strong earnings reports and data showing the U.S. economy grew faster than expected in the second quarter eased fears of a global slowdown.

U.S. second quarter gross domestic product grew at 2.4, beating the 1.8 consensus, the Commerce Department said Thursday, supporting Federal Reserve Chairman Jerome Powell39;s view that the economy can achieve a socalled soft landing.

The prospect of further Chinese stimulus measures, particularly in the embattled property sector, has also provided some support to prices, following a meeting of the Politburo a top decision making body on Tuesday.

Recent US 2Q GDP numbers and other economic data provide further validation for soft landing hopes and paint a much brighter demand outlook for oil, said Jun Rong Yeap, a market strategist at IG in Singapore.

Markets are also looking to the next market monitoring committee meeting of the Organization of the Petroleum Exporting Countries and allies, together called OPEC, on Aug. 4 for…