Investing.com - Oil firmed Thursday but supply concerns continued to overhang the market.
Brent crude was up 51 cents, or 0.93%, at $55.59 at 08:00 ET. U.S. crude gained 38 cents, or 0.72%, to $53.13.
Official Energy Information Administration figures Wednesday showed a build-up of 2.84 million barrels in U.S. crude inventories.
That weighed on positive sentiment surrounding the implementation of agreed output cuts.
OPEC and non-OPEC producers have agreed to cut output by some 1.8 million barrels a day in the first half of this year.
The dollar Index recovered Thursday from seven-week lows. A stronger dollar weakens demand for oil.