05:03 AM EST, 12/18/2024 (MT Newswires) -- Crude oil prices gained ground early on Wednesday as investors await the expected interest rate cut from the U.S. Federal Reserve and weigh potential impacts of additional Russian sanctions.

A cautious tone persists as the market watches out for clues on interest rate moves for 2025, Reuters reported. The Federal Open Market Committee is set to announce its decision on Wednesday.

The European Union on Tuesday adopted fresh sanctions against Russia, adding 33 more vessels from Russia's shadow fleet used to transport crude or petroleum products, Reuters said. The U.K. also sanctioned 20 ships for carrying illicit Russian oil, according to reports.

"Looking ahead, oil prices are likely to remain constrained within their current range, with subdued price action expected to persist through the end of the year," Reuters quoted IG market strategist Yeap Jun Rong as saying.

Brent crude rose 0.8% to US$73.74 per barrel and West Texas Intermediate crude gained 0.8% to US$70.67/b at last look.