Oil rises as ECB hints at more eurozone stimulus
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Save Oil prices have been pushed down more than 50 per cent since their mid-2014 peaks. Photo / Dean Purcell
Oil prices rose for a second straight day after the European Central Bank indicated more stimulus could be on its way for the eurozone.
US benchmark West Texas Intermediate for October delivery was up US50c to US$46.75 a barrel on the New York Mercantile Exchange.
Brent North Sea crude for
October, the global benchmark, closed at US$50.68 a barrel in London, a gain of US18c from Thursday's settlement.
ECB president Mario Draghi said the central bank could ramp up its bond purchase programme if an extra boost was warranted in the faltering eurozone.
The supply glut, in combination with the weakening global economy, has pushed oil prices down more than 50 per cent since their mid-2014 peaks.
