NEW YORK: Global crude oil continued to show modest gains on Friday, bouncing from near four-year lows as investors bought back into a market they said was oversold.

Brent for December rose $1.52 to a high of $87.34, before slipping back to around $85.83 a barrel by 1704 GMT, but was still on track for its fourth weekly loss in a row. The November Brent contract expired on Thursday.

US November crude, heading for its third weekly decline, was up 18 cents at $82.88.

Optimism was also felt in European stock markets, which jumped the most in seven months Oil has lost more than a fifth of its value since June on heavy oversupply, signs of weak demand growth and indications that key oil producers have a limited appetite to intervene on prices.