The price of Brent crude oil traded around $51 a barrel on Thursday as US crude stockpiles unexpectedly declined last week.
Reuters reported that February Brent increased seven cents to $51.22 a barrel, while US crude traded at $48.81 a barrel.
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Chinese crude imports, which likely hit a record high in December, helped boost oil prices.
However, pressure on prices remains steady as OPEC and Russia show no signs of reducing production despite a global supply glut.
CMC Markets chief market strategist in Sydney Michael McCarthy was quoted by the news agency as saying: "Sentiment towards the oil market remains negative but the lack of downward momentum in overnight trading has left bears a little nonplussed.
"We’re looking for impetus to move down but the data released in the last 24 hours has been supportive of higher prices, not lower prices."
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By GlobalDataEconomists sharply increased estimates for US fourth-quarter growth following a reduction in the country’s trade deficit in November amid lower oil import costs.
Data from the Energy Information Administration revealed that US crude inventories declined 3.1 million barrels and gasoline and distillate fuel stocks increased by a record 19 million barrels last week.
