Baghdad: Oil prices rose slightly on Thursday, recovering from losses in the previous session, as markets assessed the latest US proposals to end the war in Ukraine and their readiness for a US deadline to halt operations with two major Russian oil companies.

According to National Iraqi News Agency, Brent crude futures rose 21 cents, or 0.33%, to $63.72 a barrel by 01:42 GMT, while U.S. West Texas Intermediate crude futures climbed 24 cents, or 0.40%, to $59.68.

As part of U.S. efforts to end the long-running conflict, Washington imposed sanctions on Rosneft and Lukoil, Russia’s largest oil producers and exporters, with a November 21 deadline for winding down operations. Rosneft reduced its stake in the Kurdistan Pipeline Company of Iraq, a major oil exporter, to below 50% to protect its oil export subsidiary from U.S. sanctions.

Tony Sycamore, a market analyst at IG, said in a note: “We maintain a bullish bias on crude oil as long as it remains above its year-to-date lows of around $55.00.”