Oil prices were driven 2 percent higher by an ongoing rally in the U.S. stock market on Thursday, although gains were capped by plentiful supplies and bulging inventories in spite of efforts by producers to cut output. U.S. light crude futures were up $1.22 to $53.97 a barrel, a gain of 2.2 percent, while Brent crude rose $1.25, or 2.3 percent, to $56.33 by 10:49 a.m. ET .