Oil ends higher for second day in wake of supply data

Oil futures regained positive momentum after a morning of up-and-down trading Thursday, building on strong gains scored after an unexpectedly large drop in gasoline supplies on Wednesday.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in September CLU6, -0.45%  rose $1.10 a barrel, or 2.7%, to settle at $41.93 a barrel. Oil pushed solidly higher after flipping between gains and losses in early action, marking its biggest two-day percentage gain since June 29.

Oil has been under pressure as traders wrestle with a global glut of crude and worries about the outlook for global economic growth. Futures fell below $40 a barrel earlier this week on worries about a global glut.

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