Oil Stock Market News - Oil Prices Rose On Friday

Oil up on upbeat economic data, ECB stimulus moves

An oil pump is seen in Varadero, Matanzas province, Cuba, during an organized tour by the state-run Cuba-Petroleo.

Oil prices rose on Friday, finding support from brighter economic data and a global stock market rally after the European Central Bank signaled more stimulus measures.

Benchmark Brent crude oil was up 25 cents at $48.33 a barrel by 4.10 a.m. ET after settling up 23 cents in the previous session. U.S. crude for December was 10 cents higher at $45.48 a barrel, having risen 18 cents on Thursday.

The gains followed a statement by ECB president Mario Draghi on Thursday that new euro zone initiatives could be unveiled as soon as December. Draghi said the ECB was "open to the full menu of monetary policy" to stoke the economy.

The euro saw its largest one-day percentage drop against the dollar in nine months on Thursday, a move that might have been expected to depress oil, which is traded internationally in the U.S. currency. 

But traders said hopes that European economic stimulus measures would boost oil demand had supported fuel globally.

"The market is taking the view that governments will not allow economies to falter," said Jonathan Barratt, chief investment officer at Ayers Alliance.

Data from the United States on Thursday showed a strong rebound in home resales in September and new applications for unemployment benefit hovering around 42-year lows.

Japanese manufacturing activity expanded in October at what could be its fastest pace in 19 months, according to Markit/Nikkei Japan Flash Manufacturing PMI data on Friday.

Rising U.S. oil inventories, which climbed by a larger than expected 8 million barrels to 476.6 million last week, were a potential headwind to oil prices, helping to fuel concern over global oversupply.