Oil prices were largely muted on Thursday as traders digested a storm of factors, including more U.S. oil sanctions, fresh stimulus measures in China and a dour outlook on oil demand from the OPEC.

Asian stocks gained on Thursday, tracking Wall Street's tech-led rally overnight after an as-expected reading of U.S. consumer inflation cemented bets for a Federal Reserve interest-rate cut next week.

The U.S. dollar traded in a narrow range on Thursday after hitting a two-week high in the previous session, supported by a rise in U.S. Treasury yields even as market players bet the U.S. Federal Reserve will cut interest rates next week.

China's exports slowed sharply and imports unexpectedly shrank in November, in a worrying sign for the world's No. 2 economy as Donald Trump's imminent return to the White House brings fresh trade risks.

U.S. small-business confidence surged to the highest level in nearly 3-1/2 years in November amid post-election euphoria.

The final estimate of UK growth this year is due on Friday, and Deutsche Bank (ETR:DBKGn) looks for a limited rebound to start the final quarter of the year after a weak September.