Investing.com - U.S. oil futures rose near two-week highs on Friday, helped by a weaker U.S. dollar, although expectations for a U.S. rate hike before the year-end limited gains.
U.S. crude futures for December delivery were last at $46.25 a barrel, up 0.40% for the day.
On the ICE Futures Exchange in London, the December Brent contract were up 0.78% at $49.19 a barrel.
The dollar came under pressure after the Commerce Department reported on Thursday that U.S. gross domestic product grew at an annual rate of 1.5% in the three months to September, missing expectations for growth of 1.6%.
In addition, the U.S. National Association of Realtors said its pending home sales index dropped 2.3% last month, disappointing expectations for a gain of 1.0%.
The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was down 0.33% at 97.04, still close to Wednesday's two-and-a-half month highs of 97.89.
Dollar-denominated oil futures contracts tend to rise when the dollar falls, as this makes oil less expensive for buyers in other currencies.
The greenback had strengthened broadly after Wednesday’s Federal Reserve statement said that officials might make a decision to raise interest rates at their December meeting.
Market participants were now looking ahead to reports on employment costs and U.S. personal spending due later in the day, for further indications on the strength of the economy.
The oil market has been volatile in recent months amid uncertainty about how quickly the global glut of crude is set to shrink.
Global oil production is outpacing demand following a boom in U.S. shale oil production and after a decision by the Organization of Petroleum Exporting Countries last year not to cut production.
Oil prices have lost nearly 60% since last summer as lingering concerns over a glut in world markets drove down prices.