World oil prices rose on Thursday, reversing earlier losses following mixed economic data from Europe and the United States and an unexpected rise in US crude inventories.
New York's main contract, light sweet crude for November, rose 47 cents to 75.18 dollars from its Wednesday price.
Brent North Sea crude for delivery in November edged up 16 cents to 77.95 dollars a barrel.
US and European stock markets fell Thursday as investor sentiment was dented by news of weak eurozone manufacturing data and a surprise contraction in the Irish economy.
Data showing that the number of Americans asking for unemployment benefits rose more than expected last week further weakened confidence in the economy.
But trade picked up in the wake of a report indicating that existing home sales rose 7.6 percent in September, although the level of activity still remained depressed compared to pre-recession levels.
"Whatever negative effect the job claims that came out under expectations had it wasn't enough to keep prices below 75 dollars," said analyst John Kilduff of Again Capital.
"The market is churning back and forth on the these various inputs until one predominates."
Prices weakened on Wednesday as traders digested a sizable jump in US crude oil stockpiles, which climbed by one million barrels in the week ending September 17. Market expectations had been for a drop of 1.7 million barrels.
"The latest set of weekly data on US inventory levels was anything but positive," said analyst Tamas Varga at PVM Oil Associates.
"There were increases in major product stocks despite analysts' expectations of draws in crude oil and gasoline (petrol) inventories."
