Oil prices steadied on Wednesday, after falling on Tuesday, supported by falling U.S. crude inventories and expectations of supply disruptions due to sanctions on Russian tankers amid speculation of lower global fuel demand.
Brent crude futures rose to $79.94 a barrel after falling 1.4 percent in the last session. U.S. West Texas Intermediate crude futures rose 12 cents, or 0.15 percent, to $77.62 a barrel after falling 1.6 percent.
Oil prices fell on Tuesday after the U.S. Energy Information Administration forecast oil would come under pressure over the next two years as supply exceeded demand.
Source (Al-Arabiya.net Website, Edited)
