Oil edged up on Thursday as waned US crude stockpiles hinted narrow supply and on bolstered hopes that Fed will likely trim interest rate by the wrap up of 2024.

Brent crude advance by 23 cents to $83.81 per barrel while US WTI Texas rose by 29 cents to $79.28 per barrel.

Based on Energy Information Administration (EIA) figures, crude stockpiles slumped the earlier week by 1.4 million barrels to 459.5 million barrels, that topped analysts’ projections that hovered around 1.1 million barrels as refinery activity soared, according to a poll conducted by Reuters.

The surged gasoline stocks the unpredictably railed over 900,000 barrels in the week to 228 million barrels, EIA stated that halted prices from ticking up.

Mounting projections that Fed will likely decide trimming interest rate by the wrap up of the year following slimer than predicted US jobs figures also buoyed oil prices, a cut in interest rate will boost crude oil spending.