LONDON Aug 2 (Reuters) - Oil prices rose on Friday but

were on course for a fourth successive weekly decline as signs

of disappointing global fuel demand growth outweigh fears of

supply disruptions on rising Mideast tensions.

Brent crude futures gained 46 cents, or 0.6%, to

$79.98 a barrel by 0841 GMT, while U.S. West Texas Intermediate

crude futures rose 51 cents, or 0.7%, to $76.82.

Both benchmarks have declined by more than 7% over the last

four weeks in the longest streak of consecutive weekly losses

this year.

Disappointing economic data from top oil importer China and

a survey showing weaker manufacturing activity across Asia,

Europe and the United States raised the risk of an underpowered

global economic recovery that would weigh on oil consumption.

Falling manufacturing activity in China also inhibited

prices, adding to concerns about demand growth after June data

showed imports and refinery activity were lower than last year.

Asia's crude oil imports in July fell to their lowest level

in two years, sapped by weak demand in China and India, data

from LSEG Oil Research showed.

Meanwhile OPEC+ in a meeting on Thursday kept its oil output

policy unchanged including a plan to start unwinding one layer

of cuts from October, which could keep supply buoyant.

"Crude futures were marginally higher early Friday ... as

demand concerns continued to tip the balance against supply

worries stoked by a surge in Mideast geopolitical tensions,"

said Vandana Hari, founder of analysis provider Vanda Insights.

Oil investors are also cautiously watching developments in

the Middle East, where the killing of senior leaders of

Iran-aligned militant groups Hamas and Hezbollah stoked fears

that the region could be on the brink of all-out war,

threatening to disrupt supplies.

"Heightened geopolitical tensions were reflected in a rising

premium for call options as traders are taking a view that

prices will rise," ANZ said, adding that Brent call option

contract purchases rose hit their highest level since April.

"Oil three-month implied volatility rose to 26.6% from a low

of 22.6% in mid-July."

(Additional reporting by Shariq Khan in New York and Sudarshan

Varadhan in Singapore; editing by Elaine Hardcastle and Jason

Neely)