Oil traded flat on Friday, prepped to post gains for the week as new bolstered hopes of the Chinese quelled concerns about the slowdown in the economy caused by rising U.S. petroleum inventories and the future of the rate hikes in the Eurozone.

Brent crude futures ticked up by 0.05% to $84.79 per barrel while U.S. West Texas Intermediate crude futures inched up by 0.03% at $78.18 per barrel.

China's manufacturing activity increased last month at its quickest rate in more than 10 years, supporting predictions of a resurgence in gasoline consumption. This month, China is expected to acquire more Russian oil by ship than ever before.

As record U.S. oil exports kept the increase less than in recent weeks, the market generally ignored that the US crude stock surged for the tenth week in a row.

Prices were also supported by Russia's intention to further reduce oil exports in March.