Oil prices rose on Thursday, buoyed by optimism about the U.S. demand outlook following a larger-than-expected drop in U.S. crude inventories last week.
Brent crude futures for January 2026 delivery climbed 0.25%, or 16 cents, to $63.67 a barrel at 9:04 a.m. Mecca time.
WTI crude futures for December delivery rose 0.35%, or 22 cents, to $59.66 a barrel.
Both benchmarks recovered slightly after falling more than 2% on Wednesday, following a Reuters report that the United States had informed Ukraine of its acceptance of a proposed framework to end the war with Russia, which includes the surrender of 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 to 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 over a month.
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