15.12.202309:08:00UTC+00Oil On Track For Weekly Gain On China Optimism

Oil prices rose slightly on Friday and remained on track for their first weekly gain in two months, thanks to a weaker dollar and a bullish forecast from the International Energy Agency (IEA) on oil demand.

Positive signals from policymakers in China also supported prices.

Benchmark Brent crude futures rose 0.3 percent to $76.82 a barrel, while WTI crude futures were up 0.3 percent at $71.79.

The dollar wallowed near four-month lows after the U.S. Federal Reserve on Wednesday hinted at interest rate cuts next year-a sign of hope for economic growth and oil demand.

The International Energy Agency added to this belief by lifting its oil demand forecast for 2024, citing an improvement in the outlook for U.S. demand and lower oil prices.

China reported the fastest expansion in industrial output earlier today, though retail sales and fixed asset investment growth missed estimates.

The People's Bank of China ramped up liquidity injections through medium-term policy loans in the face of challenges from a housing slump and subdued demand.

In another significant move, Beijing and Shanghai relaxed home purchase restrictions to help revive the sluggish housing market.