Oil prices experienced a modest increase on Thursday, rebounding from declines observed in the prior session, as market participants evaluated the most recent U.S. initiatives aimed at resolving the conflict in Ukraine and braced for an impending U.S. deadline regarding operations with two significant Russian oil companies. Brent crude futures increased by 21 cents, representing a 0.33% rise, reaching $63.72 per barrel at 0142.

Meanwhile, U.S. West Texas Intermediate crude futures saw an uptick of 24 cents, or 0.40%, settling at $59.68. Both benchmarks experienced a recovery following a decline of nearly 2% during Wednesday’s trading session. The gains followed a report indicating that the U.S. had communicated to Ukraine the necessity of accepting a U.S.-drafted framework to conclude the conflict with Russia, which would involve ceding territory and certain weapons, according to two sources familiar with the situation.

In an effort to resolve the enduring conflict, the United States has enacted sanctions targeting Rosneft and Lukoil, the largest oil producers and exporters in Russia, with a deadline for ceasing operations set for November 21. Rosneft has decreased its ownership in the Kurdistan Pipeline Company, the primary oil pipeline in Iraqi Kurdistan and a significant oil exporter, to below 50% in order to safeguard the oil-exporting subsidiary from U.S. sanctions.

“We maintain a positive outlook on crude oil as long as it stays above the year-to-date low of approximately $55.00,” Tony Sycamore, market analyst stated in a note.