Oil recovered on Thursday, buoyed by the withdrawal of US crude and gasoline stock regardless hints that Fed will likely maintain hiked interest rate for prolonged period.

Brent crude edged up by 0.6% to $86.50 per barrel, following a dip of 1.6% on Wednesday.

US WTI rose by 0.5% to $81.74 per barrel, post plunging by almost 1.8% in the earlier session.

According to the data released by the US Energy Information Administration (EIA) on Wednesday, crude inventories in the US dipped for the second consecutive week.

Unpredictably, stock piles slid by by 2 million barrels to 445 million barrels for the week wrapped up on March 15, while analyst’s projections hovered around 13,000-barrel surge according to a poll conducted by Reuters.

The slump in the stockpiles was triggered by the raise in export and the lingered climb of refiners’ activity. While gasoline inventories saw a drop for the seventh week in a row, dipping by 3.3 million barrels to 230.8 million, and indicating robust fuel demand.

Ongoing worries over how attacks on Russian facilities by the Ukrainians may affect the world's petroleum supply are also driving up prices.