Oil prices rose sharply Thursday as the International Energy Agency (IEA) on Thursday urged the Organization of Petroleum Exporting Countries (OPEC) to increase production.

The IEA said the world oil stocks dropped dramatically in the first quarter and may fall further in coming months.

Higher output was needed to build up world stocks, said the IEA in its monthly report.

Light, sweet crude for May delivery rose 1.84 dollars to 63.85 dollars a barrel on the New York Mercantile Exchange. Brent crude for May rose 88 cents to 68.72 a barrel on the ICE Futures exchange in London.