Oil Updates – crude on track for first weekly rise in two months

LONDON: Oil prices rose on Friday, on track to notch their first weekly rise in two months after benefiting from a bullish forecast from the International Energy Agency on oil demand for next year and a weaker dollar, according to Reuters.

Brent futures rose 21 cents to $76.82 a barrel at 9:40 a.m. Saudit time. US West Texas Intermediate crude climbed 20 cents to $71.78.

Both benchmarks are on course for a modest weekly gain, having been lifted by a mid-week announcement from the US Federal Reserve that it is likely to cut borrowing costs next year.

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