The West Texas Intermediate for July delivery gained 88 cents to settle at 38.84 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for August delivery increased 80 cents to close at 41.51 dollars a barrel on the London ICE Futures Exchange.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, have been cutting production by a record 9.7 million barrels per day since May 1.
The Joint Ministerial Monitoring Committee, which monitors compliance with OPEC+ output quotas, met on Thursday to review record oil supply cuts.
In a statement released on Thursday, the committee noted that OPEC+ compliance with production cut commitments in May was 87 percent.
It reiterated the importance that all participating countries reach 100 percent of their pledged cuts and that they make up for any previous shortfalls in the months of July, August and September.