Oil inched up on Wednesday, with Brent hovering around $80 a barrel, as worries over weak demand and a strengthening dollar offset geopolitical disruptions and the stimulus bundle of the Chinese economy.

Brent crude ticked up by 40 cents to $79.95 per barrel meanwhile US WTI edged up by 57 cents to $74.94 per barrel.

The week ended January 19 saw a 6.67 million barrels decline in U.S. oil stocks, based on figures released by the American Petroleum Institute on Tuesday and cited by market sources.

However, gasoline stockpiles rose by 7.2 million barrels, raising worries about fuel consumption in the largest oil-consuming country in the world.

Against its main counterparts, the dollar index was trading close to a six-week high on Wednesday, as traders solidified their anticipation that Fed would not lower interest rate soon given the strength of the economy in the US.

The geopolitical disruptions lingered on the spotlight  as it caused  a significant shift in the international trade.