Oil prices rose on Thursday as an unexpected increase in business activity in the euro zone gave traders some respite from economic worries as they await further stimulus from central banks, while hopes that OPEC has room for further supply cuts supported sentiment.

New York-traded West Texas Intermediate crude futures gained 52 cents, or 0.9%, to $56.20 a barrel by 7:48 AM ET (11:48 GMT), while Brent crude futures, the benchmark for oil prices outside the U.S., advanced 50 cents, or 0.8%, to $60.80.

Business activity in the euro zone unexpectedly picked up in August, according to a preliminary survey from IHS Market.

Growth remained muted but the better-than-expected reading may have provoked some temporary relief for oil markets that have been pummeled by increasing worries over a global slowdown that threatens demand for oil.

Source : Investing.com