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.

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 climbed about 2% to a four-month high on Monday on expectations that wider U.S. sanctions on Russian oil would force buyers in India and China to seek other suppliers.