Oil prices remained steady on Thursday at around $46 per barrel, as concerns regarding a global oversupply were balanced by a demand for gasoline and technical buying.

Brent crude futures increased two cents, and traded at $45.83, while US crude futures went up two cents to $42.95 a barrel, Reuters reported.

As weak oil prices increased consumption, European gasoline margins have tripled since mid-October.

"Concerns about oversupply globally, and a sign of major cuts in production led to a decline in Brent by over 3% this week."

Importers of gasoline on the East Coast in the US are losing a trans-Atlantic tug-of-war over supplies in Europe, and the country is witnessing a strong demand.

Petromatrix Switzerland oil analyst Olivier Jakob told the news agency: "There is strength across the gasoline complex, which is supportive, and there is technical support as we reached the bottom of a two-month range yesterday."

Concerns about oversupply globally, and a sign of major cuts in production led to a decline in Brent by over 3% this week.

China’s weak manufacturing activity has pulled down the entire commodity sector, resulting in a decline in products such as crude, copper, liquefied natural gas, coal, and iron ore between 20% and 30% in 2015, according to the news agency.