Oil ticked up on Thursday, after experiencing two sessions in a row of plunge, as investors reevaluated the recent figures of the US crude oil and gasoline inventories and resumed buying.

Brent crude edged up 0.5% at $86.49 per barrel, while US WTI advanced by 0.5% to $81.79 per barrel.

The two benchmarks were on course to wrap up the third month in a row higher, and edged up by 4.5% from the previous month.

In the previous session, according to data from the Energy Information Administration, oil prices were under pressure after last week's surprise increase in gasoline and crude oil stocks in the United States, which was caused by a spike in crude imports and weak gasoline demand.

Although, crude stock advanced was lower than anticipated by the American Petroleum Institute.

A Federal Reserve governor stated on Wednesday that recent underwhelming inflation figures reinforces the argument for the U.S. Federal Reserve to delay any reduction in its short-term interest rate target. However, he did not dismiss the possibility of reducing rates later in the year.