Oil prices on track for first weekly rise in two months

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 (IEA) on oil demand for next year and a weaker dollar.

Brent futures rose 51 cents, or 0.7%, to $77.12 a barrel at 1326 GMT. U.S. West Texas Intermediate (WTI) crude climbed 52 cents, or 0.7%, to $72.10.

Both benchmarks were on course for a modest weekly gain, having been lifted by a mid-week announcement from the U.S. Federal Reserve that it could cut borrowing costs next year.