Crude-oil futures settled with a more than 4% gain to reclaim the $50-a-barrel level on Thursday, as better-than-expected jobless claims data in the U.S. and a higher economic growth forecast for the European Union helped improve the outlook for energy demand.

On the New York Mercantile Exchange, March crude rose $2.03, or 4.2%, to settle at $50.48 a barrel. Prices lost more than double that amount in the previous session. U.S. jobless claims bounced off a 14-year low, boosting hopes ahead of non-farm payroll data Friday, said Matt Smith, a commodity analyst at Schneider Electric. See Economic calendar. The European Union on Thursday also raised its growth forecast. Signs of economic improvement may lead to a boost in demand for energy, which may help reduce the glut of U.S. oil supplies.

On Thursday, Brent crude rose $2.41, or 4.5%, to end at $56.57 a barrel on London’s ICE Futures exchange. U.S. oil futures had tallied a gain of 19% within a span of four trading sessions that ended Tuesday, raising hopes among oil-market bulls that prices had bottomed. But a jump in U.S. crude supplies to their highest level in 80 years sent oil prices down sliding nearly 9% on Wednesday.

Few upward pressures on oil prices: Coming seasonal refinery maintenance and the resulting drop in oil demand at refineries is likely to lead to further large crude inventory increases, according to BNP Paribas.

Oil has shed more than half of its value since last summer as tepid demand created a global oil glut.