Oil Prices Rise … Brent Crude up to $73.04

Oil prices rose slightly on Friday as the dollar fell from its highest levels in two years and as the inflation report slowed, which boosted expectations of cutting interest rates twice more next year, according to Reuters.

Brent crude futures rose 0.2%, to $73.04 a barrel. U.S. WTI futures rose 0.3% to $69.59 a barrel.

The benchmark Brent crude oil was on track to end the week down about 2.5%, while WTI is set to fall by about 3%.

Latest oil prices 

 WTI Crude 69.46 +0.08 +0.12%

Brent Crude 72.94 +0.06 +0.08%

Murban Crude 73.24 +0.18 +0.25%

Natural Gas 3.748 +0.164 +4.58%

Gasoline 1.942 +0.019 +0.98%

WTI Midland 70.64 +0.11 +0.16%

Mars 76.62 -0.57 -0.74%

Opec Basket 72.88 -0.85 -1.15%

While the US dollar fell from its two-year highs on Friday, it is heading for its third consecutive week of gains, with data showing inflation slowing two days after the Federal Reserve cut interest rates.

The weakness of the dollar makes oil cheaper for holders of other currencies, while interest rate cuts may stimulate economic growth and boost demand for oil.

Monthly inflation slowed in November after showing a slight improvement in recent months, pushing key indicators on Wall Street up Friday's volatile trading.