Oil prices rise weekly, according to Reuters.

Oil prices saw little change on Friday and were poised for a weekly gain after closing at a two-month high in the previous session, supported by expectations of further economic stimulus in China and a decrease in interest rates in the U.S.

Reuters reports on this.

Brent crude futures fell by 7 cents to $75.86 per barrel after reaching their highest level since October 25 on Thursday. U.S. West Texas Intermediate crude dropped by 6 cents to $73.07, with Thursday's close being the highest since October 14.

Brent crude increased by 2.2% for the week, while WTI rose by 3.5%.

Signs of instability in the Chinese economy have heightened expectations for political measures aimed at stimulating growth in the world's largest oil importer.

China unexpectedly raised salaries for government employees, which could inject up to $20 billion into the economy.

Investors are also anticipating further interest rate cuts from the Federal Reserve this year to support the U.S. economy.

Lower rates could stimulate economic growth and demand for oil, while reduced borrowing costs would also encourage increased consumption.

Last week, oil inventories in the U.S., the world's largest oil consumer, fell by less than expected, decreasing by 1.2 million barrels to 415.6 million barrels. Analysts had forecasted a decline of 2.8 million barrels.

Last week, gasoline and distillate stocks in the U.S. surged as refineries ramped up production, even though fuel demand hit a two-year low, according to Reuters.

Background. Earlier, Mind reported that oil prices dropped amid economic data from China that raised concerns about demand, while investors remained cautious ahead of the U.S. Federal Reserve's interest rate decision.