Pakistan Stock Exchange PSX 100-index remained bullish for the fourth consecutive day as the benchmark restored its limit of 66000 points on Thursday's trading session.

The 100 index increased by 310 points and reached 66045 points.

The International Monetary Fund said on Wednesday it had reached a staff level agreement with Pakistan, which if approved by its board, will disburse $1.1 billion for the South Asian country's broken economy as it struggles with a balance of payment crisis.

The funds are the final tranche of a $3 billion last-gasp rescue package Pakistan secured last summer, which averted a sovereign debt default. Islamabad is also seeking another long-term bailout.

"The IMF team has reached a staff-level agreement with the Pakistani authorities on the second and final review of Pakistan's stabilization program," the IMF said in a statement.

"This agreement is subject to approval by the IMF's Executive Board," it added. The deal expires on April 11 and while Pakistan has yet to be added to the IMF's executive board's calendar, officials say board approval is expected sometime in April.

The deal comes after the IMF mission held five days of talks with Pakistani officials to review the fiscal benchmarks set for the loan.

"Pakistan's economic and financial position has improved in the months since the first review, with growth and confidence continuing to recover on the back of prudent policy management and the resumption of inflows from multilateral and bilateral partners," the IMF said.

Oil prices rebounded on Thursday after falling in the previous session as US crude and gasoline inventory declines supported the market after signs the US Federal Reserve may keep rates higher for longer crimped the outlook for future fuel demand.

Brent crude oil futures contract for May settlement rose 0.6%, or 52 cents, at $86.47 a barrel at 0155 GMT, after falling 1.6% on Wednesday.

US West Texas Intermediate futures for May delivery rose 0.5%, or 45 cents, to $81.72 a barrel, after falling 1.6% in the previous session.

The April contract expired on Wednesday down 2.1% at $81.68. Crude inventories in the US, the world’s biggest oil consumer, fell for a second week, the US Energy Information Administration (EIA) reported on Wednesday.

Stockpiles declined unexpectedly by 2 million barrels to 445 million barrels in the week ended March 15, versus analysts’ expectations in a Reuters poll for a 13,000-barrel rise.

The stockpiles fell as exports rose and refiners continued to increase activity.

Gasoline inventories fell for a seventh week, down by 3.3 million barrels to 230.8 million, and suggesting steadily strong fuel demand.

Oil refinery runs ramped up by 127,000 barrels per day and utilization rates rose.