Oil edged up on Friday, on course to record their first weekly gain in two months bolstered by optimistic outlook from the International Energy Agency about oil consumption in 2019 and also slumped greenback.

Brent crude added 0.7%, to $77.12 per barrel meanwhile US WTI advanced by 0.7%, to $72.10 per barrel.

The two benchmarks were poised for a little weekly rise following Fed’s declaration for lowered borrowing costs.

The greenback touched the lowest level in four months on Thursday following Fed's signals about halting interest rate raises and it is quite projected that the bowering costs will decrease by the next year, meanwhile the US dollar on Friday traded flat.

In late November, OPEC agreed to voluntary cutbacks of roughly 2.2 million barrels per day that would last the entire Q1.

Although China's real estate market continues to face difficulties, figures also revealed better than projected industrial output and growing retail sales, which helped to ease market concerns in the midst of the weak post-COVID economic recovery.