Oil prices rose on Thursday as the equities markets rallied and as market participants weighed a rise in U.S. crude inventories and production against continued OPEC supply curbs.
The oil price touched $71 a barrel on Tuesday, near its high for the year, but has struggled to gain further traction since then, despite supportive comments from the Organization of the Petroleum Exporting Countries.
U.S. West Texas Intermediate crude futures finished Thursday's session up 56 cents at $64.94 a barrel.
June Brent crude futures was up 57 cents at $69.33 a barrel by 2:27 p.m. ET, while the May Brent contract, which expires later on Thursday, was down 75 cents at $70.28.
Brent has risen by 5 percent since January, on track for its third consecutive quarter of price increases and the longest stretch of quarterly gains since late 2010. U.S. WTI crude is up about 7.5 percent since the start of the year.