Crude oil futures were higher Thursday morning, extending this week's rally despite a stronger U.S. dollar.

Oil rebounded amid renewed confidence that OPEC will heed warnings of a devastating global supply glut and agree to production cuts at an upcoming meeting, rttnews says.

WTI light sweet crude oil for December was up having snapped back from a multi-month low near $42.

Oil surged up 5.75% on Tuesday.

Upside was capped by a stronger U.S. dollar amid a flurry of economic news this morning.

This morning, the New York futures for Brent dropped 0.54% to $ 46.38 and WTI have fell 0.46% to $ 45.36 per barrel. Thus, the black gold is trading lower after yesterday's data that show a strong growth of US crude inventories. At the same time, optimism about the prospects for OPEC production cut fell again. One of the continuing obstacles to the deal - Iran's desire to ramp up production to 4 million barrels per day, while other OPEC members suggest a freeze at around 3.7 million barrels, Reuters says. However, they believe that in the end the consensus can still be achieved.

(raw materials / closing price /% change)

Oil 45.33 -0.53%

Gold 1,225.00 +0.09%