Oil prices rose on Thursday on the prospect the U.S. may start buying crude for its petroleum reserve, after prices sank to a seven-week low on hopes for an Israel-Gaza ceasefire, doubts about U.S. interest rate cuts and swelling oil inventories. Snapping three days of losses, Brent crude futures for July gained 21 cents, or 0.3%, to $83.65 a barrel by 0026 GMT. U.S. West Texas Intermediate (WTI) crude for June climbed 22 cents, or 0.3%, to $79.22 a barrel.