U.S. crude oil inventories fell for an eighth consecutive week amid declines in imports and domestic production, while product stocks saw further large weekly builds.

U.S. crude oil stocks excluding the Strategic Petroleum Reserve (SPR) fell last week to their lowest since April 2022 as exports rose and imports fell, the Energy Information Administration (EIA) said on Wednesday.

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.

The International Energy Agency on Wednesday lowered its projection for 2025 oil demand growth though the organization said levels would exceed last year's.

The International Energy Agency anticipates an acceleration in global oil-demand growth this year on lower prices and an improving economic outlook in developed countries, but still expects the market to be in surplus.

OPEC forecast on Wednesday world oil demand in 2026 will rise at a similar rate to this year, while reducing its figure for 2024 for a sixth time, following economic weakness in China, the world's biggest importer of oil.

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 29 cents,

Oil prices rose on Wednesday as the market focused on potential supply disruptions from U.S. sanctions on Russian energy companies and tankers carrying Russian oil. Brent crude futures were up 80 cents,