While attention was once again focused on potential supply disruptions due to sanctions on Russian tankers, although gains were capped as the market awaited more clarity on their impact, oil prices rose on Wednesday, reducing losses from the previous day.

American West Texas Intermediate crude rose 64 cents, or 0.8%, to $78.14 per barrel after a drop of 1.6%. After falling by 1.4% in the previous session, Brent crude oil futures rose by 51 cents, or 0.6%, to $80.43 per barrel at 07:35 GMT. Prices fell on Tuesday after the U.S. Energy Information Administration predicted that oil would be under pressure over the next two years as supply would exceed demand

ING analysts say that “oil prices are firmer early morning in Asia today after API figures showed that U.S. crude oil inventories fell more than expected over the past week.” The EIA predicted in its report that Brent prices would fall by 8% to an average of $74 per barrel in 2025, then fall further to $66 per barrel in 2026, while WTI would average $70 in 2025 and fall to $62