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

Brent futures rose 21 cents to $76.82 a barrel at 0918 GMT. U.S. West Texas Intermediate (WTI) crude also climbed 21 cents, to $71.79.

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.

The dollar fell to a four-month low on Thursday after the U.S. central bank indicated interest rate hikes have likely ended and lower borrowing costs are coming in 2024. The dollar index was broadly steady on Friday.

A weaker dollar makes dollar-denominated oil cheaper for foreign purchasers.

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