Fritsch said a positive number could put the brake on further price losses Movement.down.loss but was unlikely to push prices up Movement.up.gain , given the market 's reaction to the ADP employment number on Wednesday .

The IMF this week upwardly revised its forecast for world economic growth to more than 6 % for both 2018 and the end of the year , up Movement.up.gain from its 3.70 % outlook on its last update in 2010 , which `` further improves the already fairly healthy Grow.strong demand growth prospects on the oil market , '' Commerzbank ( DE : CBKG ) analysts say .

Since then , both have pushed higher Movement.up.gain , with a barrel of Brent now trading up Movement.up.gain by $ 1 at $ 66.56 -- a two-week high Position.high .

Fritsch said a positive number could put the brake on further price stalls Movement.down.loss but was unlikely to push futures up Movement.up.gain , given the market 's reaction to the ADP employment number on Wednesday .

Elsewhere , Brent oil for January delivery on the ICE Futures Exchange in London was up Movement.up.gain 31 cents or about 0.51 % at $ 61.25 a barrel .

Nonetheless , the organisation kept its global growth forecast for 2019 flat Movement.flat at 1.4 mb/d based on bullish Grow.strong non-OECD growth and even revised world growth forecast up Movement.up.gain based on rebounds Movement.up.gain in parts of the Middle East and Asia .

The IMF this week upwardly revised its estimates for world economic growth to more than 2 % for both 2012 and Thursday , up Movement.up.gain from its 3.70 % outlook on its last update in the preceding week , which `` further improves the already fairly rosy Grow.strong demand prospects on the oil market , '' Commerzbank ( DE : CBKG ) analysts say .

U.S. crude was trading at $ 50.36 a barrel at 10.13 ET , up Movement.up.gain 59 cents or 1.21 % from its last close .

Nonetheless , the organisation kept its global growth forecast for 2019 flat Movement.flat at 1.4 mb/d based on strong Grow.strong non-OECD growth and even revised world growth forecast up Movement.up.gain based on rebounds Movement.up.gain in parts of the Middle East and Asia .

It ended up Movement.up.gain 1.7 percent on Monday , its biggest daily gain Movement.up.gain since April .

The November contract settled up Movement.up.gain 0.36 % at USD102 .03 a barrel on Thursday .

The U.S. West Texas Intermediate crude February contract was up Movement.up.gain 22 cents or about 0.36 % at $ 61.95 a barrel by 04:00 a.m. ET -LRB- 08:00 GMT -RRB- , just off a fresh two-and-a-half year high Position.high of $ 62.27 hit overnight .

Fritsch said a positive number could put the brake on further price declines Movement.down.loss but was unlikely to push prices up Movement.up.gain , given the market 's reaction to the ADP employment number on Wednesday .

The IMF this week upwardly revised its forecast for world economic growth to 3.9 % for both 2018 and 2019 , up Movement.up.gain from its 3.7 % outlook on its last update in October , which `` further improves the already fairly rosy Grow.strong demand prospects on the oil market , '' Commerzbank -LRB- DE : CBKG -RRB- analysts say .

WTI is up Movement.up.gain more than 2 per cent to $ 63.02 , also its highest Position.high point in two weeks .

Nonetheless , the organisation kept its global growth forecast for Tuesday steady Movement.flat at 1.4 mb/d based on fast-growing Grow.strong non-OECD growth and even revised world growth estimates up Movement.up.gain based on rebounds Movement.up.gain in parts of the Middle East and Asia .

Brent crude was up Movement.up.gain $ 1.48 , or 2.7 % , at $ 55.47 per barrel .

The dollar index , which tracks the performance of the greenback versus a basket of six other major currencies , was up Movement.up.gain 0.98 % to hit a two-week high Position.high of 74.92 .

Global benchmark Brent futures were at $ 53.52 a barrel , up Movement.up.gain 53 cents or 1.08 % .

Nonetheless , the organisation kept its global growth forecast for Tuesday steady Movement.flat at 1.4 mb/d based on sufficient Grow.strong non-OECD growth and even revised world growth forecast up Movement.up.gain based on rebounds Movement.up.gain in parts of the Middle East and Asia .

Fritsch said a positive number could put the brake on further price losses Movement.down.loss but was unlikely to push futures up Movement.up.gain , given the market 's reaction to the ADP employment number on Wednesday .

The IMF this week upwardly revised its estimates for world economic growth to 1.7 percent for both 2012 and March , up Movement.up.gain from its 3.70 % outlook on its last update in March , which `` further improves the already fairly stronger-than-expected Grow.strong consumption prospects on the oil market , '' Commerzbank ( DE : CBKG ) analysts say .

Joint output from Russia , the United States and Saudi Arabia rose Movement.up.gain above 33 million barrels per day -LRB- bpd -RRB- for the first time in October , up Movement.up.gain 10 million bpd since 2010 , with all three pumping at or near record volumes .

Fritsch said a positive number could put the brake on further price losses Movement.down.loss but was unlikely to push futures up Movement.up.gain , given the market 's reaction to the ADP employment number on Wednesday .

The IMF this week upwardly revised its estimates for world economic growth to more than 6 % for both 2018 and Monday , up Movement.up.gain from its 3.70 % outlook on its last update in March , which `` further improves the already fairly healthy Grow.strong demand growth prospects on the oil market , '' Commerzbank ( DE : CBKG ) analysts say .

Crude prices closed up Movement.up.gain more than 4 percent on Thursday as rising violence Civil.unrest in producer Libya and a boost Cause.movement.up.gain in oil demand .

The most actively traded futures contract due for delivery in September closed up Movement.up.gain 3.3 % at 429.9 yuan per barrel on the Shanghai International Energy Exchange , after opening up Movement.up.gain more than 6 % from a starting reference point of 416 yuan per barrel .

The most actively traded futures contract due for delivery in September closed up Movement.up.gain 3.3 % at 429.9 yuan per barrel on the Shanghai International Energy Exchange , after opening up Movement.up.gain more than 6 % from a starting reference point of 416 yuan per barrel .

Nonetheless , the organisation kept its global growth forecast for 2019 steady Movement.flat at 1.4 mb/d based on rosy Grow.strong non-OECD growth and even revised world growth estimates up Movement.up.gain based on rebounds Movement.up.gain in parts of the Middle East and Asia .

The U.S. West Texas Intermediate crude December contract was up Movement.up.gain 42 cents or about 0.77 % at $ 54.80 a barrel by 03:45 a.m. ET -LRB- 07:45 GMT -RRB- , the highest Position.high since January .

Elsewhere on the ICE Futures Exchange , Brent oil futures for June delivery were down Movement.down.loss 1.94 % at USD97 .97 a barrel , up Movement.up.gain USD10 .93 from its U.S. counterpart .

Brent was up Movement.up.gain 20 cents at $ 110.19 a barrel by 7:30 a.m. ET .

Elsewhere , on the ICE Futures Exchange , Brent oil futures for September delivery edged down Movement.down.loss 0.15 % to trade at USD113 .11 a barrel , up Movement.up.gain USD21 .37 on its U.S. counterpart .

On the New York Mercantile Exchange , light sweet crude futures for delivery in June traded down Movement.down.loss 2.24 % at USD87 .04 a barrel on Wednesday , off from a session high Position.high of USD89 .36 and up Movement.up.gain from an earlier session low Position.low of USD86 .42 .

Nonetheless , the organisation kept its global growth forecast for on the day steady Movement.flat at 1.4 mb/d based on stronger-than-expected Grow.strong non-OECD growth and even revised worldwide growth forecast up Movement.up.gain based on rebounds Movement.up.gain in parts of the Middle East and Asia .

The output hike Movement.up.gain -- more than 25 % up Movement.up.gain on the previous month -- puts Aramco -LRB- SE : 2222 -RRB- supply above its maximum sustainable capacity , indicating that the kingdom is even tapping its strategic inventories to dump as much crude , as quickly as possible , onto the market .