Oil prices ticked up Thursday, recovering a fraction of the prior session’s slide, as a larger-than-expected draw in U.S. crude inventories tempered bets that a potential Washington-backed framework to end the Russia–Ukraine war could add supply to an already well-stocked market.

• Brent crude rose 0.3% to $63.72/bbl by 07:14 GMT.
• WTI added 0.4% to $59.66/bbl.

Both benchmarks fell about 2.1% on Wednesday after reports that the U.S. signaled Kyiv should consider a draft peace plan involving territorial concessions and weapons limits—an outcome that traders fear could ultimately see sanctions eased and Russian barrels returning to market alongside elevated floating storage and higher output from major producers.

Bullish counterweight: U.S. stock draw

The EIA said U.S. crude inventories fell 3.4 million barrels to 424.2 million for the week ended Nov. 14, a much steeper draw than the ~0.6 million expected. The decline reflected higher refinery runs amid healthy margins and robust export demand for U.S. crude.

However, gasoline and distillate stocks increased for the first time in over a month, hinting at some softening product consumption, which capped the rebound.

Sanctions deadline in focus

Markets are also watching a Nov. 21 U.S. deadline for companies to wind down dealings with Rosneft and Lukoil, Russia’s largest oil producers. The compliance cutoff could disrupt some flows even as speculation grows about a longer-term détente.

What to watch next

• Any confirmation or pushback on the reported peace framework and implications for sanctions policy
• Follow-through on U.S. product demand after the surprise builds
• Compliance and rerouting dynamics around the Nov. 21 sanctions deadline

Bottom line: A supportive U.S. crude draw has steadied prices, but headline risk around Russia–Ukraine and product demand softness keeps the near-term balance fragile.