Oil prices rose in choppy trade on Thursday, as the market continues to draw support from ongoing OPEC-led supply cuts and U.S. sanctions against exporters Venezuela and Iran.
However, gains were capped by record U.S. crude output and rising inventories and falling estimates of global economic growth. Crude futures briefly tumbled towards session lows in mid-morning trade, tracking a slump in equity marketsafter the European Central Bank cut its economic growth forecast for the continent.
U.S. West Texas Intermediate crude futures ended Thursday's session 44 cents higher at $56.66 per barrel, near the session peak at $56.99.
Brent crude futures were up 32 cents at $66.31 per barrel around 2:30 p.m. ET. The international benchmark for oil prices earlier rose as high as $67.