Doha: Oil prices were on track for weekly gains in early trading on Friday: supported by growing expectations of a US Federal Reserve interest rate cut, alongside ongoing economic and geopolitical developments, including the war in Ukraine and the possibility of US military intervention in Venezuela.

According to Qatar News Agency, Brent crude rose by $0.06, or 0.09%, to $63.32 per barrel in early Asian trading, while US West Texas Intermediate (WTI) gained $0.04, or 0.07%, to $59.71 per barrel. WTI is on course to record a weekly gain of nearly 2%, underpinned by positive market momentum.

Economists widely expect the US Federal Reserve to cut interest rates by 25 basis points at its monetary policy meeting next week, a move that could stimulate economic growth and support higher oil demand.