Oil ticked up on Thursday following a slump in US crude stockpiles that dipped beyond projections the previous week, on the other hand the central bank in China trims for the bank’s reserve ratio bolstered hopes of further stimulus measures and economic rebound.

Brent crude advanced by 0.5% to $80.45 per barrel, while the US WTI added 0.6% to $75.53 per barrel.

Crude stockpiles in the US plunged by 9.2 million barrels the previous week.

The draw was caused by a sharp decline in US oil imports as refineries were closed due to chilly winter weather.

Oil was buoyed also by bolstered hopes of rebound in the Chinese economy.

On Wednesday, China's central bank declared a significant reduction in bank reserves, in a step expected to infuse the banking system with roughly $140 billion in cash and provide a clear indication of support for a wobbly economy and collapsing stock markets.