Oil prices erased their losses on Wednesday. US Treasury Secretary Scott Bessent said sanctions against Russia, or secondary tariffs, could be strengthened if the scheduled meeting between President Donald Trump and Russian President Vladimir Putin on Friday did not go well.

Brent futures rose 6 cents to $66.18 USD per barrel at 12:43 GMT, while American West Texas Intermediate (WTI) crude rose 2 cents to $63.19 USD.

Before Mr. Bessent's statements, both contracts were trading lower, after the International Energy Agency (IEA) raised its forecast for oil supply growth for this year on Wednesday, while lowering that of demand, due to sluggish fuel consumption in major economies in the world.

Crude inventories in the United States, the world's largest consumer of oil, rose by 1.52 million barrels last week, according to market sources citing figures from the American Petroleum Institute released on Tuesday.