SINGAPORE, July 5 Reuters Oil prices dipped on Friday but were on track for a fourth straight week of gains and were near their highest levels since late April on hopes of strong summer fuel demand and some supply concerns.

Brent crude futures , which have risen 7 over the last four weeks, slipped 31 cents, or 0.4, to 87.12 a barrel by 0415 GMT.

U.S. West Texas Intermediate WTI crude futures , which have climbed 9 over the past four weeks, was at 83.70, down 18 cents, or 0.2. With the U.S. market shut for the Fourth of July holiday on Thursday, trading was thin and there was no settlement for WTI.

Oil rose this week on strong summer demand expectations in the United States, the world39;s largest oil consumer.

Market sentiment has been supported this week by strong mobility indicators and intensifying geopolitical tension in the Middle East, analysts at ANZ Research said in a note on Friday.

The U.S. Energy Information Administration EIA reported a massive 12.2 million barrel draw in inventories last week, compared with analysts39; expectations for a draw of 700,000 barrels.

U.S. data on Wednesday showed that firsttime applications for unemployment benefits increased last week while jobless numbers also rose, which analysts said could potentially hasten interest rate cuts by the Federal Reserves and support oil markets.

On the supply side, Reuters reported on Thursday that Russia39;s oil producers Rosneft and Lukoil will sharply cut oil exports from the Black Sea…