Oil prices are heading for a weekly decline due to the release of reserves

Oil prices rose on Friday but were still on track for a second weekly decline in a row after countries announced plans to release crude from their strategic stocks.

Brent crude futures rose 71 cents, or 0.7 percent, to $101.29 a barrel by 1056 GMT.

US West Texas Intermediate crude futures rose 85 cents, or 0.9 percent, to $96.88 a barrel.

Both benchmarks are set to decline for the second week in a row, with Brent set to fall by 3 percent and West Texas Intermediate at 2.3 percent.

IEA member states are set to release 60 million barrels over the next six months, along with a similar amount from the United States as part of the 180 million barrel release it announced in March.

ANZ Research analysts said in a note that the release of reserves could discourage producers, including the Organization of the Petroleum Exporting Countries (OPEC) and US shale oil producers, from accelerating production increases even as oil prices reach $100 a barrel.