Oil prices edged up slightly on Thursday, recovering from losses in the previous session, as markets assessed recent U.S. proposals to end the war in Ukraine and prepared for a U.S. deadline to halt operations with two major Russian oil companies.

Brent crude futures rose by 21 cents, or 0.33%, reaching $63.72 per barrel as of 01:42 GMT. Meanwhile, U.S. West Texas Intermediate (WTI) crude futures increased by 24 cents, or 0.40%, to $59.68 per barrel.

As part of U.S. efforts to resolve the prolonged conflict, Washington imposed sanctions on Rosneft and OQ Oil, Russia’s largest oil producers and exporters, with a deadline to wind down operations by November 21.

Rosneft reduced its stake in the Kurdistan Iraq Pipeline Company—a key oil exporter—to below 50% in an effort to shield its export subsidiary from U.S. sanctions.

Tony Sycamore, market analyst at IG, noted in a memo, “We maintain a bullish bias on crude oil as long as it stays above its year-to-date low of around $55.00.”