Oil prices climb on upbeat economic data

REUTERS

Brent for December delivery rose 30 cents to $48.38 a barrel at 00:33 ET after settling up 23 cents in the previous session.

U.S. crude for December delivery climbed 14 cents to $45.52 a barrel, having risen 18 cents previously, according to Reuters.

The gains followed a slew of upbeat economic data, while ECB president Mario Draghi said new Eurozone pump priming initiatives could be unveiled as soon as December.

"It's all about the numbers," said Jonathan Barratt, chief investment officer at Sydney's Ayers Alliance.

"The market is taking the view that governments will not allow economies to falter. These expectations suggest more active economic development will force consumption to go up," he said.