Oil price risks are skewed to the upside due to sanctions supply disruptions, said Samantha Dart, co-head of global commodities research at Goldman Sachs. The Energy Select Sector SPDR Fund ETF (XLE) is up 8.

Oil futures settled higher Wednesday, finding support after snapping a three-day winning streak that had been driven in part by wider U.S. sanctions on Russia as well as cold weather in much of the U.

Oil prices will be under pressure over the next two years as global production growth outpaces demand, the U.S. Energy Information Administration said on Tuesday in its Short-Term Energy Outlook report.

US drivers could see lower gas prices this year and next as oil supply outpaces demand. The US will continue to ramp up output from record levels, the EIA said.

Oil prices on the New York fuel exchange remain high due to concerns about threats to the global supply of this resource, with U.S. oil reserves experiencing the longest series of declines since 2021,

Oil prices paused their rally on Tuesday, but remained near four-month highs, with the market's attention focused on the impact of new U.S. sanctions on Russian oil exports to key buyers India and China.