Oil boosts gains as Brent jumps back above $41

Oil prices rose on Thursday, after markets digested the US commercial crude inventories data and a refocused on growth forecasts for the global demand.

The US Energy Information Administration (EIA) revealed yesterday that crude inventories rose more than expected during the past week.

While analysts expect the OPEC-Plus output cut agreement will absorb part of the global supply glut, with a production cut of about 9.7 million barrels per day in effect until the end of July, which also can be extended further.

The dollar index rose against a basket of currencies by 0.2% to 97.3 points as of 17:13 GMT, after it hit a high of 97.6 and a low of 97.1.

As of 17:07 GMT, West Texas Intermediate crude rose 1.7% to $38.6 a barrel, after it hit a high of $38.8 and a low of $37.08.

Brent rose 1.9% to $41.1 a barrel, with a high of $42.2 and a low of $39.4.