Oil surged over 1% on Thursday bolstered by the released US economic figures and glimmered hopes on revived demand as China scrapped off its curbs that was hindering the country's economy.

Brent crude futures advanced 1.2% at $87.16 per barrel while U.S. WTI crude futures added 1.3% at $81.19 per barrel.

The U.S. economy expanded beyond projections for the Q4, as consumers sustained a positive spending pattern, with the aggressive rate hikes from Fed's side which contracted demand.

Speaking of the U.S. crude inventories, they ticked up 533,000 barrels to 448.5 million barrels for the previous week.

Eyes are now on the anticipated OPEC+ JMMC meeting and the EU sanctions on the Russian oil.

According to a poll conducted by Reuters the worldwide economy for 2023 is projected to trespass a bit the 2%.