Oil prices rose on Thursday following losses in the previous session, as markets assessed the latest American proposals to end the war in Ukraine and prepared for the deadline set by the United States to halt transactions with two major Russian oil companies.
Brent crude futures increased by 21 cents, or 0.33%, to $63.72 per barrel by 01:42 GMT, while West Texas Intermediate (WTI) futures rose by 24 cents, or 0.40%, to $59.68.
Both crude benchmarks fell by about 2% in Wednesday’s session. Today’s gains came in the wake of a Reuters report indicating that the U.S. had sent signals to Ukraine to accept a framework drafted by the U.S. to end the war with Russia, which would involve ceding territory and some weapons, according to two informed sources.
As part of its efforts to end the conflict, Washington imposed sanctions on Rosneft and Lukoil, the largest oil producers and exporters in Russia, with a deadline to terminate dealings with them on November 21.
Rosneft has reduced its stake in the Kurdistan Pipeline Company, a major oil pipeline in Iraqi Kurdistan and a key oil exporter, to less than 50% to protect its subsidiary from U.S. sanctions.
