Oil prices edged lower 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 37 cents,

Oil futures fell Wednesday morning, feeling pressure after industry data showed a large rise in crude inventories.

The Energy Information Administration (EIA), in its January Short-Term Energy Outlook, is forecasting global oil prices (Brent crude oil)

Oil prices fell on Wednesday, following a rise in U.S. crude stockpiles and easing worries over Libyan supply, while focus turned to potential U.S. tariffs on Canadian and Mexican imports.

Oil futures settled lower on Monday, as the Trump administration’s ongoing tariff threats and their potential economic impact, along with concerns over the potential for a slowdown in AI-related power demand,

Oil prices steadied on Wednesday as investors weighed the impact of potential U.S. tariffs on Canadian and Mexican imports, while largely shrugging off an increase in U.S. weekly crude inventory. Brent crude futures fell 2 cents to $77.

Oil prices settled up on Tuesday, bouncing back from multi-week lows, after the White House reaffirmed U.S. President Donald Trump's plans to issue tariffs on Canadian and Mexican imports this week.