Oil prices saw an upturn on Thursday, marking the first gain in three days amid renewed supply concerns following a significant policy shift in the United States regarding Venezuela's oil sector.

Brent crude oil futures climbed by 24 cents, or 0.33 percent, to reach $72.77 a barrel by 6:28 a.m. Saudi time.

Meanwhile, US West Texas Intermediate (WTI) crude oil futures rose 18 cents, or 0.26 percent, to $68.80 per barrel.

This increase comes after the previous day's trading, which resulted in the lowest closing prices since December 10, attributed to an unexpected rise in US fuel inventories indicating a potential weakening of demand.

Market sentiment was also affected by ongoing discussions regarding a potential peace deal between Russia and Ukraine.

In a significant move, US President Donald Trump announced the cancellation of a license previously granted to Chevron by his predecessor Joe Biden, allowing the company to operate in Venezuela.

Chevron is responsible for approximately 240,000 barrels per day of crude exports, accounting for over a quarter of Venezuela's total oil output.

The termination of this license effectively prohibits Chevron from exporting Venezuelan crude oil.

Market experts noted that this news coincided with a broader trend of market unwinding following a recent sell-off, particularly amid developments related to the Russia-Ukraine ceasefire negotiations.

Hiroyuki Kikukawa, president of NS Trading, pointed out that increased interest in potential purchases from the US Strategic Petroleum Reserve (SPR) also played a role in supporting prices, as WTI approached its lowest levels in over two months.

Trump previously stated intentions to replenish the SPR, criticizing Biden's use of it to lower gasoline prices.

Concerns regarding US crude oil stockpiles remain present, with a report indicating an unexpected decline last week due to a rise in refining activity.

However, inventory levels for gasoline and distillates were reported to have increased unexpectedly, raising questions about ongoing demand.

The Energy Information Administration provided these insights, which suggested that the current season, characterized by off-peak demand shifts from kerosene to gasoline, might be influencing market dynamics.

Kikukawa suggested that the sell-off linked to rising product inventories could be reaching a turning point.

In a related financial note, Goldman Sachs highlighted that the dual objectives of the US administration, namely pursuing commodity dominance while maintaining affordability, support their forecasted Brent price range of $70-85. This range is viewed as supportive of significant US supply growth.