WASHINGTON (dpa-AFX) - Oil prices bounced back on Thursday after falling sharply in the overnight U.S. trading session on signs of weaker demand in the U.S. and easing supply concerns.
Benchmark Brent crude futures rose 0.7 percent to $63.93 a barrel while WTI crude futures were up 0.9 percent at $59.76 after settling 2 percent lower on Wednesday.
Traders weighed the latest geopolitical developments and risks to Russian supplies before U.S. sanctions on Russia's Rosneft PJSC and Lukoil PJSC take effect on Friday.
India, China and Turkey have sharply cut imports of Russian crude in November so far as sanctions on Rosneft and Lukoil near implementation, media reports suggest.
Meanwhile, geopolitical risks appear to ease between Ukraine and Russia. According to CNN, the Trump administration has been quietly working on a fresh peace plan with Russia to end the war in Ukraine.
It was said that Steve Witkoff, the president's special envoy and the central figure in Washington's back-channel talks with Moscow, has been leading the negotiations as part of an attempt to revive peace efforts.
Investors were also reacting to the latest data from the Energy Information Administration (EIA) that showed a larger-than-expected drop in crude oil inventories for the week ending November 14.
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