Oil edged up a bit on Thursday due to worries about a reduced supply while large producers continue to reduce output and amid hints of solid economic growth figures in the US.

Brent crude futures advanced by 4 cents to $89.39 per barrel while US WTI added 2 cents to $85.45 per barrel.

During OPEC+ meeting, officials decided to maintain the policy of oil supply on Wednesday and put pressure on certain countries to increase output reduction compliance.

The group promised that some participants would make up for the Q1 excess inventory. It further stated that instead of export restrictions, Russia would go to output.

Both Brent and WTI nudged up during the previous four days and wrapped up the day on Wednesday at a peak not seen since October.

Jerome Powell, the chair of the Federal Reserve, expressed caution on Wednesday on potential interest rate reductions in the future due to recent figures that revealed higher-better than projected inflation and job growth.

The remarks were encouraging for oil since they pointed to strong economic growth in the United States, according to Rob Haworth, senior investment strategist for the asset management business at U.S. Bank.