Brent pares early gains, but remains on track for weekly gain

Oil prices fell on Friday, and pared their early gains, despite the US dollar's drop against most of its peers, but oil remains on the cusp of weekly gains.

OPEC has raised its global demand outlook by about 70K barrels from last month's forecasts, to 5.95 million barrels per day in 2021.

Data showed today the Chinese economy grew 18.3% during the first quarter of 2021, in line with analysts' forecasts.

The dollar index fell against a basket of major currencies by 0.1% to 91.5 points as of 15:46 GMT, after hitting a high of 91.8 points and a low of 91.5 points.

As of 15:44 GMT, WTI crude May futures fell 0.4% to $63.1 a barrel, after hitting a high of $63.8 and a low of $62.8.

Brent June futures fell 0.1% to $66.8 a barrel, after hitting a high of $67.3 and a low of $66.4.