Oil prices rise on ECB stimulus hopes, U.S. optimism

© Reuters. Oil moves higher on U.S. data and Draghi remarks, China rate cut limits gains

Investing.com – U.S. oil futures were higher on Friday, as hints of additional easing measures by the European Central Bank, as well as upbeat economic reports from the U.S. lent support.

futures for December delivery were last at $ 45.56 a barrel, up 0.40% for the day.

On the ICE Futures Exchange in London, the December contract were up 0.84% at $ 48.49 a barrel.

Market sentiment strengthened after ECB President Draghi said on Thursday that the central bank will “reexamine” its monetary policy in December, hinting at the possibility for further easing measures.

Speaking at the ECB’s monthly press conference, Mr. Draghi added that the ECB’s quantitative easing program is set to run until 2016 or beyond if necessary.

Separately, optimism over the strength of the U.S. economy was boosted after the U.S. Department of Labor reported on Thursday that in the week ending October 17 increased by 3,000 to 259,000 from the previous week’s total of 256,000.

Analysts had expected jobless claims to rise by 9,000 to 265,000.

In addition, the U.S. National Association of Realtors said that increased by 4.7% to 5.55 million units last month from 5.30 million in August. Analysts had expected existing home sales to rise 1.4% to 5.38 million units in September.

Gains in crude prices remained limited however, after for the sixth time since November on Friday in another attempt to boost the economy.

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Oil prices rise on ECB stimulus hopes, U.S. optimism