Oil prices gained today over hopes that the European Central Bank will announce more stimulus measures to contain the debt crisis at a meeting to be held later today.

Brent crude futures gained 44 cents to $113.53 per barrel, while US crude rose 60 cents to $95.96 ahead of the release of non-farm payroll data.

Crude inventories fell by 7.2m barrels in the week to 31 August due to Hurricane Isaac while 680,749 barrels per day of oil production remained offline, reports Reuters.