Oil prices for West Texas Intermediate (WTI) are on track to achieve weekly gains nearing two percent in early trading on Friday, supported by expectations that the U.S. Federal Reserve will cut interest rates. This marks the second consecutive week of increases.
There was little change in prices at market opening on Friday, with Brent crude rising six cents, or 0.09%, to $63.32 per barrel by 01:04 GMT. Meanwhile, WTI climbed four cents, or 0.07%, to $59.71 per barrel.
Both crude oil contracts maintained an increase of about one percent in the previous trading session.
A group of economists forecasted that, between November 28 and December 4, the Federal Reserve may lower rates by 25 basis points at next week’s monetary policy meeting. A reduction in interest rates could stimulate economic growth and boost demand for oil.
