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,

Oil prices fell back slightly on Thursday, a day after settling at multi-month highs on U.S. President Joe Biden's latest sanctions targeting Russia and a larger than forecast fall in U.S. crude stocks.

On Jan. 10, the U.S. Treasury announced fresh measures to deplete Russia's energy revenues, including on 183 vessels, largely oil tankers.