Oil futures mark 5th gain in 6 sessions

Oil futures settled higher Thursday, buoyed by a weekly decline in oil production and expectations for further stimulus measures by the European Central Bank, which could lift energy demand.

A rally in the stock market also helped to improve the energy-demand outlook, but oil prices trimmed gains as equities lost steam and the U.S. dollar continued to strengthen.

October West Texas Intermediate crude logged its fifth gain in six sessions CLV5, -1.26% adding 50 cents, or 1.1%, to settle at $46.75 a barrel on the New York Mercantile Exchange after trading as high as $48.42. Brent crude LCOV5, -1.10% on the ICE Futures exchange tacked on 18 cents, or 0.4%, to $50.68 a barrel.

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