West Texas Intermediate futures for November delivery rose to $45.34 (+1.34%), while Brent crude advanced to $48.09 (+0.84%) ahead of U.S. employment and rig count data, which will be released later today.

Market participants are getting ready for the non-farm payrolls report, which could suggest that the U.S. economy is ready for higher rates. Any substantial fluctuations of currencies would affect oil, because it is denominated in dollars. However many analysts say that any gains in oil prices due to today's data are likely to be short-lived considering high levels of oil output and inventories around the globe.