European stocks ticked higher, oil fell for a fifth straight day and the dollar remained subdued on Thursday after Federal Reserve minutes signalled U.S. interest rate cuts were set to begin in a few weeks' time.

Oil prices edged higher Thursday, helped by an unexpected draw in U.S. inventories, but remained on course for hefty weekly losses as weak U.S. labor data added to ongoing global demand concerns. 

Business activity data helped lift the pound to a new 13-month high against the dollar on Thursday and kept the euro just shy of a similar peak, with the equivalent U.S. numbers and jobless claims figures to come later in the day.

The dollar traded near the lowest in more than a year against the euro and sterling on Thursday as a dovish Federal Reserve and fresh signs of weakness in the U.S. job market backed the case for interest rate cuts.

Japan stocks were higher after the close on Thursday, as gains in the Paper & Pulp, Marine Transport and Gas & Water sectors led shares higher.

Bitcoin price rose on Thursday, tracking a broader increase in risk-driven markets amid growing bets on a September interest rate cut, although speculation over more token distributions by Mt Gox limited overall gains.