Oil prices on track for first weekly rise in two months

Oil prices rose as bullish forecast on oil demand for next year from the International Energy Agency (IEA) and a weaker dollar boosted prices. Brent futures reached USD 76.70 per barrel while US West Texas Intermediate (WTI) crude climbed to USD 71.68. The US Federal Reserve's mid-week announcement of likely borrowing cost cuts next year further lifted prices. The dollar fell to a four-month low after indications that interest rate hikes have likely ended. The European Central Bank reaffirmed record high borrowing costs despite lower inflation expectations.