Post dropping for two days in a row, oil prices climbed on Thursday as concerns about the negative effects of rising interest rates on the economy were offset by a weaker US currency, disruptions in France's gasoline supply due to a strike, and a dip in US crude stocks.

Brent crude edged up by 0.8% to $83.30 per barrel, while WTI jumped by 1.1% to $77.51.

The two main gauges plunged by 4% and 5% during the earlier couple of days.

Prices had fallen earlier in the week as a result of remarks made by U.S. Federal Reserve Chair Jerome Powell about the potential that interest rates will need to be hiked more than initially predicted in response to recent positive statistics.

The fact that U.S. unemployment claims increased more than anticipated the earlier week shored up the oil prices, and the greenback dipped on Thursday as a result. This raised hopes that a softening labour market would lessen the chance of the Federal Reserve picking up the pace of rate increases.

A further factor supporting crude is the anticipated growth in Chinese demand.