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 prices slipped on Tuesday after a U.S. government agency forecast steady U.S. oil demand in 2025 while lifting its forecast for supply.

Oil prices were edging lower, but remain supported by concerns about the effect of U.S. sanctions on Russian flows and a larger-than-expected drawdown in U.S. stockpiles. Brent crude was down 0.2% at $81.

Oil prices crept higher on Wednesday as the market focused on potential supply disruptions from sanctions on Russian tankers, though gains were tempered by a lack of clarity on their impact. Brent crude futures rose 16 cents,