Oil prices fell on Wednesday as U.S. crude stockpiles increased and concerns over Libyan supply eased, while markets focused on potential U.S. tariffs on Canadian and Mexican imports.
Brent crude futures dropped 59 cents, or 0.76%, to $77.90 a barrel at 0916 GMT, while U.S. crude futures declined 55 cents, or 0.75%, to $73.22.
The White House confirmed on Tuesday that President Donald Trump still plans to impose 25% tariffs on Canadian and Mexican imports starting Saturday. Canada supplied 3.9 million barrels per day (bpd) of oil to the U.S. in 2023, accounting for half of total imports, while Mexico contributed 733,000 bpd, according to the Energy Information Administration (EIA).
Meanwhile, supply concerns eased after Libya’s National Oil Corp said export activity remained normal following discussions with protesters who had threatened to block shipments at a key oil port. The EIA is set to release its weekly oil stock data at 1530 GMT on Wednesday, which could further influence market direction.
