West Texas Intermediate futures for November delivery advanced to $45.30 (+0.87%), while Brent crude rose to $48.50 (+0.69%) despite weak inflation data from Japan. The core consumer price index fell by 0.1% in August compared to the same period last year. The index has fallen for the first time since 2013. However officials said that GDP growth trend was intact and the core CPI fell because of low energy costs. Excluding energy the index rose by 1.1%.

Meanwhile the global glut persisted and traders are concerned about Iran pumping additional crude into the market in the coming months. An Iranian official said on Thursday he expects his country to raise its oil exports by 500,000 barrels a day by late November or early December, mostly with sales to Asia.