Oil prices declined on Wednesday as rising U.S. inventories and easing concerns over Libyan supply outweighed market optimism. Brent crude futures fell to $77.31 per barrel, while U.S. crude slipped to $73.62.
U.S. And Libyan
According to the American Petroleum Institute, U.S. crude and gasoline stocks increased last week, prompting caution ahead of the Energy Information Administration’s report.
Libya’s National Oil Corporation confirmed normal export operations after talks with protesters, calming earlier fears of supply disruptions.
Global Market
Adding complexity, U.S. President Trump’s proposed 25% tariffs on Canadian and Mexican imports could disrupt oil flows, with Canada supplying nearly half of U.S. imports and Mexico contributing over 700,000 barrels daily.
Global demand concerns remain heightened amid weak economic data from China and potential disruptions to energy usage from DeepSeek’s cost-effective AI model, which has sparked conversations about energy-intensive data center operations.
