SINGAPORE, Aug 17 Reuters Oil prices were choppy on Thursday after falling over the past three sessions, with the undertone grim on worries that slowing growth in China and possible further U.S. interest rate hikes will weaken fuel demand in the world39;s two biggest economies.

Brent crude futures were flat at 83.45 a barrel by 0645 GMT, after initially falling 0.5. U.S. West Texas Intermediate crude WTI was down 8 cents at 79.30.

China39;s economic concerns and broad riskoff sentiment on Wall Street pressed on the oil markets, with a strong USD adding to the downside pressure at the same time, said Tina Teng, an analyst at CMC Markets.

Traders will closely watch Chinese economic data and government policy moves, in addition to U.S. oil inventory data as oil producers in the country could start increasing output to gain market share amid production cuts by the OPEC group, Teng said.

In China, missed payments on investment products by a leading Chinese trust firm and a fall in home prices have added to worries that its deepening property crisis is stifling what little momentum the economy has left.

China39;s central bank unexpectedly cut key policy rates for the second time in three months this week but analysts worry it may not be enough to arrest the economy39;s downward spiral.

Minutes of the U.S. Federal Reserve39;s July meeting released on Wednesday also weighed on oil prices, as they showed that the central bank39;s officials did not give strong indications…