Oil prices rose as the Chinese market participants returned from public holidays.

Yesterday's U.S. crude inventories data still weighed on oil prices. The U.S. Energy Information Administration (EIA) released its crude oil inventories data on Wednesday. U.S. crude inventories increased by 3.07 million barrels to 461.0 million in the week to October 02. It was the second consecutive increase.

Analysts had expected U.S. crude oil inventories to rise by 2.00 million barrels.

Gasoline inventories increased by 1.9 million barrels, according to the EIA.

Crude stocks at the Cushing, Oklahoma, climbed by 98,000 barrels.

WTI crude oil for November delivery rose to $48.89 a barrel on the New York Mercantile Exchange.

Brent crude oil for November climbed to $52.38 a barrel on ICE Futures Europe.

Gold price slightly declined due to profit taking and due to a rise in the European stock markets. Stock markets were supported by on speculation that the Fed will delay its interest rate hike.

The U.S. initial jobless claims data also weighed on gold price. The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending October 03 in the U.S. declined by 13,000 to 263,000 from 276,000 in the previous week. The previous week's figure was revised down 277,000.

Analysts had expected the initial jobless claims to increase to 274,000.

December futures for gold on the COMEX today fell to 1144.00 dollars per ounce.

The U.S. Labor Department released its jobless claims figures on Thursday. The number of initial jobless claims in the week ending October 03 in the U.S. declined by 13,000 to 263,000 from 276,000 in the previous week. The previous week's figure was revised down 277,000.

Analysts had expected the initial jobless claims to increase to 274,000.

Jobless claims remained below 300,000 the 31th straight week. This threshold is associated with the strengthening of the labour market.

Continuing jobless claims increased by 9,000 to 2,204,000 in the week ended September 26.

West Texas Intermediate futures for November delivery climbed to $48.08 (+0.56%), while Brent crude advanced to $51.67 (+0.66%) as remarks by Abdalla Salem El-Badri, secretary-general of the Organization of the Petroleum Exporting Countries, outweighed rising stockpiles in the U.S.

El-Badri said that global oil demand is estimated to increase by 1.5 million barrels per day in 2015, beating the initial projection. Demand is expected to be higher next year too. "In 2016, improvement in global economic activities is anticipated to support world oil demand to grow by 1.3 million barrels per day," he said.

The Energy Information Administration reported on Wednesday that U.S. crude oil stockpiles rose by 3.1 million barrels to 461.0 million barrels in the week ended Oct. 2. US production unexpectedly rose by 76,000 barrels per day. Meanwhile refining capacity utilization fell by 2.3% to 87.5%.

Data from the Custom Administration of Iran showed that in October the country sold only 720,000 barrels per day to its four major Asian clients China, India, Japan and South Korea, while Turkey bought 110,000 barrels per day.

Gold declined to $1,142.40 (-0.55%) amid profit taking after recent gains. Chinese investors returned to markets after a week-long vacation and sold bullion, which gained $30 per ounce during China's National Day holiday.

Investors are waiting for Fed meeting minutes to assess prospects of interest rates in the U.S. Fed's intention to start raising rates keeps gold under pressure, however signs of a delay would support the precious metal in the near term.

(raw materials / closing price /% change)

Oil 48.13 +0.67%

Gold 1,145.00 -0.32%