Oil Prices Fall as US Inventories Rise, Libyan Production Continues

Oil prices fell on Wednesday, giving up some of the previous session’s gains as rising U.S. crude inventories and easing concerns over Libyan supplies weighed, although potential U.S. tariffs on imports from Canada and Mexico limited losses.

Brent crude futures were down 0.2% at $77.31 a barrel.

U.S. West Texas Intermediate (WTI) crude futures were down 0.2% at $73.62 a barrel.

Markets are under pressure from U.S. President Donald Trump’s plans to boost U.S. oil production and are awaiting more clarity on his energy policies.

Trump began his second term last week by issuing several executive orders that make it easier to license energy infrastructure and boost oil and gas production, which has already surged to record levels.

Crude and gasoline stockpiles in the United States rose last week, while distillate inventories fell, market sources said on Tuesday, citing data from the American Petroleum Institute.

Easing supply concerns from Libya also added to selling pressure.

Those concerns eased after Libya’s state-owned National Oil Corp said on Tuesday that export activity was continuing normally at all its oil fields and ports, after communicating with protesters who demanded a halt to loading at one of its major ports.

It is not yet clear how any new tariffs would affect oil imports from Canada and Mexico to the United States. According to data from the U.S. Energy Information Administration, Canada supplied the United States with about 3.9 million barrels per day of oil in 2023, nearly half of the total U.S. imports that year, while Mexico supplied about 733,000 barrels per day.

WTI Crude $72.94  +0.44%

Brent Crude $76.58  -1.17%

Murban Crude $78.48  -2.21%

Louisiana Light $76.82  +0.00%

Bonny Light $78.62  -2.84%

Mars US $73.56  -1.61%

Gasoline  $2.038  +0.13%

Natural Gas $3.535  +1.84%