Oil prices climbed about 1% on Thursday, supported by signs of stronger U.S. demand and lingering uncertainty over efforts to end the war in Ukraine. Brent crude rose 0.9% to $67.48 per barrel, while WTI gained 1% to $63.36, nearing a two-week high.
U.S. crude inventories fell sharply by 6 million barrels, far exceeding expectations and boosting sentiment. However, a build in Cushing stocks suggested that underlying demand could still be fragile.
On the geopolitical front, Moscow warned that peace talks excluding Russia would be a “point of no return,” adding support to prices. Traders also weighed President Trump’s plan to impose new tariffs on Indian goods tied to Russian oil imports, raising the likelihood of tougher sanctions.
Analysts noted that Brent remains well supported above $65, but cautioned that any meaningful breakthrough in Ukraine peace negotiations could put downward pressure on prices.