At 13:30 GMT, the US Department of Labor released the unemployment claims reading for the week ending February 26 at 0.745 million, better than forecasts of 0.7588 million, compared to the previous reading of 0.730 million after it was revised from 0.736 million.

Oil prices turned higher as the US market opened on Thursday, to extend gains for the second straight day ahead of the the OPEC-Plus Ministerial Committee monthly meeting, to decide production levels during April.

US crude 1.4% to $61.94, after opening at $61.09, and hit a day low of $60.55, and Brent crude rose 1.5% to $64.85, after opening at $63.89, and hit a day low at $63.36.

US crude rose 2.7% yesterday, 2.7%, and Brent crude futures rose 2.3%, in the first gain in 5 days.

The US Energy Information Administration reported on Wednesday that crude inventories rose 21.6 million barrels during the week ending February 26, missing forecasts of a drop by 1.3 million barrels.

This weekly build is the largest in the US history, due to the cold weather wave that hit the country recently, after temperatures dropped to lowest level since 1989, especially in Texas, the heart of the US oil industry.

The total commercial inventories rose to about 484.6 million barrels, the highest level since the week ending January 1.

The US production rose 300K bpd last week, at a total of 10.0 million barrels per day.

The OPEC-Plus Joint Ministerial Committee will meet on Wednesday to review the global output cut agreement and the latest developments in the global scene, amid growing odds that the collation might agree to increase output during April.

During the OPEC Plus meeting on December 3, the members agreed to abandon a planned increase in production of about 2 million barrels per day, while agreeing to increase supplies by only 500 thousand barrels per day as of January.

OPEC-Plus also agreed on April that the third phase of the cut agreement will be lowered to 5.7 million bpd starting from January 2021 to April 2022.

The new decision replaces the planned hike of 2 million barrels, and the total of the new cuts is about 7.2 million barrels per day.

This comes amid growing odds that the collation might agree to increase output during April due to an expected supply deficit during the first quarter of 2021.

Reuters reported that OPEC expects a drop in global oil inventories by about 400 million barrels this year.

Saudi Arabia also announced a voluntary output cut of about one million barrels per day during February and March to balance the market, but Riyadh's decision about the supply levels during April remains unclear.

The US dollar rose on Thursday, to extend its gains for the second straight day near a 1-month high, based on strong demand and investors' risk aversion due to growing concerns over the US bond market, ahead of the Federal Reserve Chairman's statements later today.

The dollar index rose nearly 0.3% to the level of 91.22 points, and the opening level of trading today was at 90.98 points, and the lowest level was recorded at 90.97 points.

The dollar index rose 0.3% to 91.22 points, after opening at 90.98 points, and hit a low of 90.97.

The greenback gained 0.2% yesterday, to resume its gains, after taking a pause on profit-taking from a 1-month high of 91.39 points. 

Most global stock markets fell today, after a drop in Wall Street yesterday due growing concerns over the US bond market.

The yield of the US 10-year Treasury fell 2.5% to 1.45% today, but it remains near a 1-year high of 1.563%, which led investors to shun riskier assets, amid rising bets the US Fed would scale back monetary policy easing programs to counter the rising inflation.

Investors are anticipating Federal Reserve Chairman Jerome Powell's  remarks about the US economy at an online event hosted by the Wall Street Journal later today.

Gold prices rose on Thursday, to consolidate above the $1,700/ounce psychological threshold, within recovery from a 9-month low, after a drop in the yield of US 10-year Treasury bonds, ahead of the Federal Reserve Chairman's statements later today.

Gold prices rose 0.6% to $1,721.29 an ounce, after opening at $1,710.37, and hit a day low at $1,706.37.

The yellow metal closed lower by 1.6% yesterday, and hit 9-month low at $1,702.02 the high yield of US 10-year Treasury bonds.

The yield of the US 10-year Treasury fell 2.5% to 1.45% today, but it remains near a 1-year high of 1.563%..

At 17:05 GMT, Investors are anticipating Federal Reserve Chairman Jerome Powell's  remarks about the US economy at an online event later today.

Gold stocks at the SPDR ETF fell 4.74 metric tonnes yesterday, with the total at the lowest level since May 8, 2020 at 1,082.38 metric tonnes.