SINGAPORE, Aug 18 Reuters Oil prices looked set to snap a sevenweek winning streak on Friday as concerns about China39;s slowing economic growth and the possibility of more U.S. interest rate hikes outweighed signs of tightening supply.

Major benchmarks were slightly higher on Friday, with U.S. West Texas Intermediate crude WTI rising 22 cents, or 0.3, to 80.61 a barrel, while Brent crude was up 8 cents, or 0.1, at 84.12 a barrel as of 0611 GMT.

The sevenweek winning streak was the longest for both benchmarks this year. Brent futures rose by about 18 and WTI by more than 20 in the seven weeks ended Aug. 11 to the highest levels in months before paring some gains this week, when both fell by more than 3.

The U.S. Federal Reserve39;s focus on containing inflation amid strongerthanexpected economic data was keeping a lid on oil prices, which have risen sharply in the recent weeks due to concerns over supply.

The U.S. Labor Department on Thursday reported the number of Americans filing new claims for jobless benefits fell in the last week, suggesting the stilltight employment market could prolong the Fed39;s tightening campaign to cool the economy.

That report followed similarly upbeat economic data earlier in the week, including U.S. retail sales, which suggested the Fed may have to stick with higher rates for longer.

Investors fret that higher borrowing costs could impede economic growth and in turn reduce overall demand, including for oil.

Adding to the concerns, a…