<div>Oil prices rose on Friday (23 October), finding support from brighter economic data and a global stock market rally after the European Central Bank signalled more stimulus.</div><div> </div><div>Benchmark Brent crude oil was 20 cents higher at $48.28 a barrel by 0905 GMT after settling up 23 cents in the previous session. US crude for December was unchanged at $45.38 a barrel, having risen 18 cents on Thursday.</div><div> </div><div>The gains followed a raft of positive economic data and a statement by ECB President Mario Draghi on Thursday that new euro zone initiatives could be unveiled as soon as December.</div><div> </div><div>Draghi said the ECB was "open to the full menu of monetary policy" to stoke the economy.</div><div> </div><div>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 US currency.</div><div> </div><div>But Hans van Cleef, senior energy economist at ABN AMRO Bank, said hopes that European economic stimulus measures would boost oil demand were supporting fuel globally.</div><div> </div><div>"Draghi's comments are supportive," van Cleef said. "Nevertheless, with the dollar finding support, the upside for oil prices will be limited."</div><div> </div><div>Jonathan Barratt, chief investment officer at Ayers Alliance, said markets had decided governments would not allow economies to falter.</div><div> </div><div>"These expectations suggest more active economic development will force consumption to go up," Barratt added.</div><div> </div><div>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.</div><div> </div><div>European stock markets joined a global share surge that buoyed overall sentiment.</div><div> </div><div>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.</div><div> </div><div>China's commercial crude oil stocks at the end of September rose 2.38 per cent from August, while diesel stocks saw a record 15.68 per cent drawdown and refined fuel stocks overall dropped 7.46 per cent, the official Xinhua News Agency reported on Friday without giving actual volumes.</div><div> </div><div>Rising US 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.</div><div> </div><div>Investors also awaited rig data on Friday for guidance on how US oil production has responded to recent price falls.<br><br>(Reuters)</div>
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