Oil prices settle down as US stockpile grows, tariffs still in focus
Oil prices fell on Wednesday, with the U.S. benchmark settling at its lowest year to date, after domestic crude stockpiles in the world's top petroleum producer and consumer rose more than expected last week.
Brent crude futures settled down 91 cents, or 1.2%, at $76.58 a barrel. U.S. crude futures fell $1.15, or 1.6%, to $72.62, their lowest settlement price so far this year.
Crude oil stockpiles in the U.S. rose by 3.46 million barrels last week as refiner intake slumped for a third consecutive week, data from the Energy Information Administration showed.
The White House on Tuesday reaffirmed President Donald Trump's plan to impose 25% tariffs on imports from Canada and Mexico from Feb. 1. Near-term oil trade should remain choppy as investors digest the tariff threats, sanctions on Russian energy flows, and economic growth concerns in top consuming nations, UBS analyst Giovanni Staunovo wrote to clients on Wednesday.
Source: Reuters
