On Wednesday, oil surged for the third time in a row as concerns about a tightening supply were heightened by the suspension of some exports from Iraqi Kurdistan and by softening risk sentiment in broader markets.

Brent crude edged up by 0.8% to $79.28 per barrel while West Texas Intermediate U.S. crude ticked up by or 1.1% to $73.98.

With investor jitters calmed by the sale of assets from failed lender Silicon Valley Bank, sentiment was also helped by lessening concerns over the banking sector following weeks of market turbulence that had driven oil to a 15-month low on March 20.

A decrease in U.S. crude inventories also helped to sustain the price of oil. Tuesday's estimates from the American Petroleum Institute were cited by market sources as showing a 6.1 million barrel drop in oil stockpiles.

Watchers will be looking for confirmation of the reduction in oil stocks in official U.S. inventory data from the Energy Information Administration.