OPEC announced voluntary cuts of about 1.16 million bpd
U.S. crude stockpiles fall by more than expected
Weak U.S. economic data dampens sentiment

LONDON, April 6 Reuters Oil rose on Thursday and was on track for a third weekly gain as further production cuts targeted by OPEC and a drop in U.S. oil inventories overshadowed fears over global economic growth.

Brent and U.S. crude have both gained more than 6 this week after the Organization of the Petroleum Exporting Countries OPEC and allies including Russia a group known as OPEC on Sunday pledged surprise production cuts.

Limiting gains on Thursday, however, was weak U.S. economic data that raised concern over economic growth. The U.S. services sector slowed more than expected in March and U.S. job openings in February dropped to their lowest in nearly two years.

The oil market39;s bullish momentum may have paused, but upside potential remains given the tightening supply backdrop, said Stephen Brennock of oil broker PVM.

Brent crude rose 31 cents, or 0.4, to 85.30 a barrel by 1215 GMT. West Texas Intermediate U.S. crude advanced 32 cents, or 0.4, to 80.93. There is no trading on Friday because of the Good Friday holiday.

The U.S. dollar index steadied on Thursday after a recent twomonth low. A stronger dollar makes crude becomes more expensive for holders of other currencies and tends to reflect greater risk aversion among investors.

A slowdown in the U.S. economic outlook is weighing on the upside on U.S….