Oil prices firmer on the back of stock market rally

Crude futures rose on Friday, for the first time in three days, driven by the recovery in major equity markets that boosted investor confidence in global growth, according to news reports.

At 08:15 PM Riyadh time, global benchmark Brent crude futures edged up 1.17 percent to $80.22 a barrel on London-based ICE Futures Europe Exchange.

On the New York Mercantile Exchange (NYMEX), WTI crude oil futures rose 1.05 percent to $69.37 a barrel.

China's stock market rallied on Friday after the Chinese government pledged to keep its economy on track and expressed confidence in future growth. The U.S. stock market is also trending upside on Friday, with the benchmark S&P 500 up around 1 percent.

Oil prices hit a four-week low on Thursday following an unexpected rise in US inventories as well as amid concerns about the worldwide economic growth that could crimp demand for crude.

On Wednesday, Energy Information Administration data said US commercial crude stocks rose 6.49 million barrels to a 15-week high of 416.44 million barrels in the week ended October 12.