Oil prices rose, but concerns over the global oil oversupply continued to weigh on oil prices.

Market participants continued to eye Wednesday's U.S. crude oil inventories data. U.S. crude inventories increased by 3.38 million barrels to 480.0 million in the week to October 23. It was the fifth consecutive increase.

Analysts had expected U.S. crude oil inventories to rise by 3.5 million barrels.

Gasoline inventories decreased by 1.1 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, fell by 785,000 barrels.

Market participants are also awaiting the release of the number of active U.S. rigs later in the day. The oil driller Baker Hughes reported last Friday that the number of active U.S. rigs declined by 1 rigs to 594 last week. It was the eighth consecutive decrease.

WTI crude oil for December delivery increased to $46.39 a barrel on the New York Mercantile Exchange.

Brent crude oil for December rose to $49.12 a barrel on ICE Futures Europe.