Oil barely moved on Thursday as markets assessed fresh economic data from China in light of rising supply from the Western Hemisphere.

Brent crude steadied at $82.96 per barrel while US WTI dipped lower by 20 cents at $78.93 per barrel.

Exceeding predictions, China's import and export growth implies a positive shift in global trade, a promising sign for policymakers striving to support economic recovery.

While China registered a 5.1% increase in crude imports in the first two months of the year compared to the same period last year, the overall import figures have been declining. This maintains a trend of reduced purchases by the world's largest buyer.

The chief of the International Energy Agency's (IEA) oil markets and industry division informed Reuters on Thursday that the global oil market is adequately supplied, with a slowdown in demand growth and an increase in supply from the Americas.

The markets were bracing for the likelihood that the Federal Reserve could delay its first U.S. interest rate cut to the second half of this year, which boosted the dollar, according to a Reuters poll of foreign exchange strategists.