Crude oil traded higher following improved market sentiment after the announcement of interest rates by the Federal Reserve (Fed).
In the European session, Brent crude oil futures traded higher at $107 a barrel, while US WTI traded firmer at $98 a barrel.
Both benchmarks rose more than 2% on Wednesday after being supported by Fed Chairman Jerome Powell's remarks and better-than-expected EIA data.
The latest FOMC policy meeting saw interest rates raised by 75 basis points with Powell signaling the possibility of slowing the rate of hikes.
Commodity markets have been threatened by concerns that aggressive rate hikes will weaken demand due to the recession.
However, Powell allayed those concerns by saying that he did not see the US economy currently in recession.
The release of US Gross Domestic Product (GDP) data for the second quarter today, will prove whether Powell's statement is true or not.
Meanwhile, the Energy Information Administration (EIA) reported US crude oil supplies fell by 4.5 million barrels last week as gasoline demand rose 8.5%, signaling continued strong consumption in the world's leading economy.
