Mubasher: Oil prices on Thursday turned higher amid expectations of rising demand on crude oil, and despite the International Energy Agency’s (IEA) warns of growing supplies.

By 03:16 pm GMT, Brent crude rose 0.55% to $65.25 per barrel (pb), while Nymex crude futures jumped 0.71% to $61.39 pb.

Earlier in the day, the IEA revised up its global oil demand forecasts to 99.3 million barrels per day in 2018, but projected an increase of 1.8 million barrels a day in US oil production.

In January, oil inventories expanded to 2.871 billion barrels, marking the first rise in 7 months.