Oil prices open lower on demand concerns

Oil prices fell in early Asian trading on Friday after concerns about demand offset the impact of strong economic data.

Brent crude was down 59 cents, or 0.7 percent, at $83.65 a barrel by 0027 GMT, but was on track for a weekly increase of 5 percent. US West Texas Intermediate crude also fell 51 cents, or 0.6 percent, to $79.58 a barrel, and is set to record a weekly increase of 5.2 percent.

Oil prices rose in the last session on the back of strong business results and better-than-expected US economic data.

On Thursday, the US Commerce Department reported GDP growth of 2.4 percent in the second quarter, beating expectations for a growth of 1.8 percent.

But interest increases recently announced by global central banks aimed at quelling spiraling inflation have raised concerns about long-term demand.