Brent crude futures were down 11 cents or 0.1% at $86.77 a barrel at 0128 GMT, while US West Texas Intermediate (WTI) crude futures lost 14 cents or 0.2% to $81.08 a barrel.
The U.S. dollar, which typically trades against oil, edged higher after hitting a 16-week low against a basket of major currencies following data showing U.S. consumer spending rose sharply in october.
Still, both benchmarks were on track for their first weekly gains after three consecutive weeks of declines as COVID-19 restrictions were eased in two major Chinese cities.
The cities of Guangzhou and Chongqing announced an easing of COVID restrictions on Wednesday.
Meanwhile, European Union governments have tentatively agreed to a price cap of $60 a barrel for Russian maritime oil with an adjustment mechanism to keep the cap 5% below market price, according to diplomats and a document seen by Reuters.
All EU governments must approve the deal in writing by Friday. Poland, which had pushed for the cap to be as low as possible, did not confirm that it would back the deal, an EU diplomat said.