Oil prices ticked up on Thursday, but advances on the back of evidence of a robust economic recovery in China, were restrained by concerns about the potential impact of rising interest rates in Europe.

Brent crude futures jumped by 0.51% to $84.74 per barrel while West Texas Intermediate (WTI) crude futures jumped by 0.58% at $78.14.

This month, as refiners leverage low prices, China's seaborne imports of Russian oil are anticipated to hit a peak.

After consumer prices in France, Spain, and Germany advanced on a high pace more quickly than anticipated, the market was pressured by projections that ECB will hike rates.

According to a preliminary estimate from the EU statistics office, inflation in the euro zone soared to an annual rate of 8.5% in February, which was higher than anticipated.

The tenth week in a row that crude stock buildup weighed in the US.

But, the rise was less than in prior weeks due to record-breaking U.S. crude oil exports.