Oil prices rose as the stock markets increased on comments by the European Central Bank (ECB) President Mario Draghi. He said that the central bank could extend its asset buying programme if needed, adding that the limit on sovereign bond ownership by the central bank will be raised to 33% from 25%.

The ECB lowered its economic growth and inflation forecasts.

A slowdown in the Chinese economy weighed on oil prices in the recent days. But the stock markets in China were closed for a public holiday today.

Oil prices declined on the U.S. crude oil inventories data yesterday. U.S. crude inventories climbed by 4.67 million barrels to 455.4 million in the week to August 28. It was the biggest one-week increase since April. Analysts had expected U.S. crude oil inventories to decline by 1.5 million barrels.

WTI crude oil for October delivery increased to $48.42 a barrel on the New York Mercantile Exchange.

Brent crude oil for October rose to $51.41 a barrel on ICE Futures Europe.