Oil prices rally with equities, overriding inventory rise

Oil prices rose on Thursday as an equity market rally offset a surprise increase in U.S. oil inventory levels and a firm dollar. Rangebound crude got a boost after the European Central Bank pledged to keep monetary policy loose and said it was ready to take further policy action if needed. A respite from bearish economic news in China, where markets are closed for public holidays for the rest of the week, have helped oil prices stabilize after weeks of huge swings.