The World Bank upgraded its oil forecasts on Tuesday. The lender expects the benchmark oil price to be $41 a barrel, up from its January estimate of $37 a barrel. The benchmark oil price includes prices for Brent, West Texas Intermediate and Dubai crudes.

The World Bank noted that the upward revision was driven by improving sentiment and a weaker U.S. dollar. But the lender warned that oil prices could decline again due to concerns over the global oil oversupply.