Investing.com - Crude oil futures rose during early European trading hours on Friday, amid growing expectations for the Federal Reserve to hold its stimulus program for the time being, although U.S. stockpile numbers kept oil prices in check. On the New York Mercantile Exchange, light sweet crude futures for delivery in December traded at USD94.08 a barrel during European morning trade, up 0.34%. The December contract settled down 0.13% at USD93.76 a barrel on Thursday. Oil futures were likely to find support at USD92.53 a barrel, Thursday's low and resistance at USD95.38 a barrel, the high from November 11. Oil prices strengthened after Federal Reserve Chair nominee Janet Yellen, in a Senate hearing on Thursday, defended the central bank's stimulus measures to bolster growth and called efforts to boost hiring an "imperative". The comments added to expectations that the Fed's monthly bond purchases may remained unchanged for an extended period of time. But gains were limited as the U.S. Energy Information Administration on Thursday showed that crude inventories rose last week for the eighth straight week. U.S. crude stocks rose by 2.6 million barrels in the week ending November 8, far more than the 1 million barrels expected by analysts. Meanwhile, traders continued to monitor developments in Iraq, as the government is trying to restore calm at its giant southern oilfields following violent protests. Elsewhere, on the ICE Futures Exchange, Brent oil futures for November delivery gained 0.34% to trade at USD108.50 a barrel, with the spread between the Brent and crude contracts standing at USD14.42 a barrel.

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