Oil prices edged lower on Wednesday on a rise in U.S. crude stockpiles and easing concern over Libyan supply, with U.S. tariffs on Canadian and Mexican imports also in focus.
Brent crude futures were down 44 cents, or 0.57%, at $77.05 U.S. a barrel Wednesday morning. U.S. crude futures fell 41 cents, or 0.56%, to $73.36.
The White House said on Tuesday that U.S. President Donald Trump still plans to impose 25% tariffs on imports from Canada and Mexico on Saturday.
Canada supplied 3.9 million barrels per day (bpd) of oil to the U.S. in 2023, roughly half of overall imports for the year, while Mexico supplied 733,000 bpd, Energy Information Administration data shows.
The Energy Information Administration, the statistical arm of the U.S. Department of Energy, was due to release weekly data at 10:30 EST on Wednesday.
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