Oil soared on Wednesday as figures related to China's output and sales went beyond projections, post the International Energy Agency (IEA) increased its demand projections for the year.

Brent futures added 0.2% to $82.67 per barrel meanwhile US West Texas Intermediate (WTI) crude advanced by 0.2%, to $78.28 per barrel.

October saw a pick-up in economic activity in China, the world's second-largest economy, as retail sales growth above forecasts and industrial output expanded at a quicker rate.

Despite forecasts of slower economic growth in several major nations, the International Energy Agency (IEA) followed the Organization of the Petroleum Exporting nations and its allies (OPEC+) in revising its oil demand growth forecast for this year.

Projections that interest rates will be lowered by the US Federal Reserve in the spring of 2020 knocked the value of the US dollar down to a two-and-a-half-month low relative to a currency basket. Because purchasers paying in other currencies can purchase crude at a lower price, a declining dollar can increase demand for oil.