Oil prices edged up about 1% to a two-week high on Friday on increasing expectations the U.S. Federal Reserve will cut interest rates next week, which could boost economic growth and energy demand, and geopolitical uncertainty that could reduce supplies from Russia and Venezuela.

Brent futures rose 62 cents, or 1.0%, to $63.88 per barrel, while U.S. West Texas Intermediate (WTI) crude was up 60 cents, or 1.0%, to $60.27.

Those moves put both crude benchmarks on track for their highest closes since November 18.

For the week, Brent was up about 1% and WTI was up about 3%, marking a second straight weekly gain for both contracts.

Investors digested a long-delayed U.S. inflation report and recalibrated expectations for the Fed to reduce rates at its December 9-10 meeting.

U.S. consumer sp

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