Oil prices were muted on Thursday, cutting short a three-day rally after data highlighted growing economic cracks in major crude importer China, while markets also speculated over whether the OPEC’s last meeting for the year will result in a supply cut. 

Policymakers in Asia and Africa voiced growing economic optimism at a Reuters conference on Wednesday, chiming with a rally in emerging markets, an expected slowdown in U.S. rate hikes and an easing of COVID restrictions in China.

U.S. firms flashed mixed signals on the strength of the economy, inflation and labor demand in the month and a half before the Thanksgiving holiday and were more downbeat about the outlook, a Federal Reserve report showed on Wednesday, as the central bank struggles to bring down inflation without causing a recession.

The economy continues to lose momentum and the outlook is paved with "increased pessimism," weighed down by rising interest rates and red-hot inflation, according to the Federal Reserve's Beige Book released Wednesday.

IMF strategy chief Ceyla Pazarbasioglu said on Wednesday she will travel to China next week for high-level meetings with senior Chinese officials as the International Monetary Fund continues to press for quicker progress on debt restructurings for countries in need.

 The International Monetary Fund sees scope for a further gradual, safe recalibration of China's zero-COVID policy that could allow economic growth in the country to pick up in 2023, an IMF spokesperson said on Wednesday.