As the financial markets saw a revival of risk appetite following the U.S. Federal Reserve's decision to keep benchmark interest rates, oil saw a 1% increase on Thursday, ending a three-day slide.

Brent crude advanced by 1% to $85.45 per barrel meanwhile US WTI ticked up by 1% to $81.27 per barrel.

The increase in oil prices coincides with increases in other financial assets following the Fed's decision on Wednesday to maintain its benchmark interest rate at 5.25%–5.50%.

In order to manage inflation, policymakers had a difficult time deciding whether financial conditions were already tight enough or whether further restriction might be required in light of the economy's continued performance above forecasts.

Additionally, investors are keeping an eye on events in the Middle East, which has alarmed them since a bigger conflict may affect the region's oil supplies.

Participants in the market anticipated a BOE meeting on Thursday. According to a Eurostat flash estimate, October inflation in the euro zone was at its lowest point in two years, supporting the theory that interest rate hikes by the European Central Bank are unlikely to occur anytime soon.