The survey of 31 economists and analysts predicted that Brent crude would average $74.33 per barrel in 2025, down from a forecast of $74.53 in November, marking an eighth straight downward revision.

Brent crude futures rose 22 cents, or 0.3 percent, to $73.80 a barrel by 0450 GMT

Falls were limited, however, by concerns of supply disruptions in the event of more US sanctions on major suppliers Russia and Iran

Earlier this week, Yellen said softness in the oil market presents an opportunity for more sanctions

Bitcoin climbed to an all-time high as Donald Trump's victory in the US presidential election along with pro-crypto candidates being voted to Congress spurred expectations of a light-handed regulatory environment.

Oil prices fell as much as five percent in early trade before paring some of their losses

Brent crude futures rose 8 cents, or 0.11 percent, to $73.14 a barrel by 0120 GMT

Brent crude futures fell $1.39, or 1.87 percent, to $73.06 a barrel. US West Texas Intermediate crude settled at$69.22 a barrel, down $1.45 or 2.05 percent

NBR also exempted VAT at production and trading of the highly import-based edible oil

Both main oil contracts dropped around three percent in early exchanges, after the Washington Post reported that Netanyahu had pledged to target Iran's military rather than its crude and nuclear sector

US President Joe Biden spoke with Israeli Prime Minister Benjamin Netanyahu about Israel's plans concerning Iran in a 30-minute call on Wednesday that the White House described as "direct and very productive"

Brent crude futures rose 22 cents, or 0.3 percent, to $77.4 a barrel by 0349 GMT

Brent crude futures fell 31 cents, or 0.4 percent, to $77.74 per barrel by 0435 GMT. US West Texas Intermediate crude futures slipped 20 cents, or 0.27 percent, to $74.18 per barrel

Crude prices rocketed around five percent Thursday when US President Joe Biden said he was "discussing" possible Israeli strikes on Iranian oil sites in retaliation for Tehran's barrage

Benchmark oil contract, Brent North Sea crude, has rallied about five dollars this week after Iran's missile attack on Israel -- but remaining around $75 per barrel

Both main crude contracts jumped more than five percent at one point Tuesday after Iran fired dozens of missiles at Israel in response to the killings of Tehran-backed militant leaders

Brent crude futures for November delivery increased 51 cents, or 0.71 percent, to $72.49 a barrel as of 0330 GMT.

OPEC said Tuesday that phasing out oil was a "fantasy", as the Saudi-led cartel forecast that demand would keep growing until at least 2050, a key year in the battle against climate change

Oil prices climbed more than $2 on Wednesday, rebounding from 7-week lows, as the killing of a Hamas leader in Iran ratcheted up tensions in the Middle East and overshadowed concerns about weak China demand

Weak demand so far has kept oil prices stable amid the Red Sea crisis, but it could change