Oil futures rose Thursday, as traders shrugged off another big jump in U.S. oil inventories and remained focused on promised production cuts.

U.S. crude futures gained $1.03, or 1.95%, to settle at $53.78 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose $1.16, or 2.11%, to $56.24 on London’s ICE Futures Exchange.

The U.S. Energy Information Administration said Wednesday that oil inventories rose 2.8 million barrels in the week ended Jan. 20, marking the third consecutive weekly increase. The increase underscored the challenges facing the Organization of the Petroleum Exporting Countries in cutting supply and bringing global inventories in check.

But analysts said prices remained relatively resilient despite the increase in U.S. petroleum supplies—a signal to buyers that helped reverse Wednesday’s losses.

“It didn’t fall that much or that hard on bearish stats—there are still reasons to go out and buy it,” said Ric Navy, senior vice president for energy futures at RJ O’Brien & Associates.