Thursday saw a surge in oil prices of more than 1% as a result of China's central bank's efforts to halt the growing negative sentiment toward the country's real estate market and overall economy.

Brent crude edged up by $1.08 to $84.53 per barrel meanwhile U.S. West Texas Intermediate crude climbed by $1.18 at $80.56 per barrel.

Prices dropped in the previous session due to simmering concerns about the impact on fuel demand of a worsening real estate crisis that is slowing China's economic growth as well as the possibility of more hikes in U.S. interest rates.

The Federal Reserve's July meeting minutes were released on Wednesday, and they revealed that officials did not make any definite statements about stopping rate increases in order to put the fight against inflation first.

Higher interest rates make borrowing more expensive for households and businesses, which might impede economic growth and lower demand for oil.