Oil prices rose during trading on Thursday, amid optimism about the demand outlook in the United States following a larger-than-expected drop in US crude inventories last week.
Brent crude futures for January 2026 delivery rose 0.25% or 16 cents to $63.67 a barrel.
Nymex crude futures for December delivery rose 0.35% or 22 cents to $59.66 a barrel.
Both benchmark crude oils recovered slightly after falling more than 2% in Wednesday's session, following a Reuters report that the United States had informed Ukraine that it accepted a proposed framework to end the war with Russia that included relinquishing territory and some weapons, according to two sources familiar with the talks.
The U.S. Energy Information Administration reported that crude oil inventories fell by 3.4 million barrels in the week ending November 14, compared with expectations of a 603,000-barrel decline. Gains in prices were limited by a rise in gasoline and distillate inventories for the first time in more than a month.