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(Reuters) - Oil prices rose by nearly a dollar a barrel on Thursday as Russia and Ukraine blamed each other for a stalled peace process, and as earlier U.S. data showed signs of strong demand in the top oil-consuming nation.
Brent crude futures rose 83 cents, or 1.2%, to settle at $67.67 a barrel, a two-week high. U.S. West Texas Intermediate crude futures gained 81 cents, or 1.3%, to close at $63.52 a barrel.
Both contracts climbed more than 1% in the prior session.
The path to peace in Ukraine remained uncertain, turning oil traders cautious after a selloff over the past two weeks on hopes that U.S. President Donald Trump would soon negotiate a diplomatic end to Russia's war with its neighbor.
"Some geopolitical risk premium is slowly being pumped back into the market," oil trading advisory firm Ritterbusch and Associates told clients on Thursday.
The uncertainty in the peace talks means that the possibility of tighter sanctions on Russia has resurfaced, said Tamas Varga, an analyst at PVM Oil Associates.
U.S. stocks closed lower Thursday, with the S&P 500 index logging a fifth straight daily loss, as technology stocks slumped and investors waited to hear from Federal Reserve Chair Jerome Powell on Friday.
The Dow Jones Industrial Average fell 152.81 points, or 0.3%, ending at 44,785.50.
The S&P 500 fell 25.61 points, or 0.4%, closing at 6,370.17 and booking a 1.5% decline over five straight days.
The Nasdaq Composite Index shed 72.55 points, or 0.3%, finishing at 21,100.31.
Investors will be listening for any hints about the future path of interest rates during Powell's highly anticipated speech at the annual Jackson Hole economic symposium.
Small-cap stocks and other rate-sensitive assets, like home-builder stocks, have rallied in August in anticipation of the Fed potentially resuming rate cuts in September.
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