By Global oil prices dipped on Wednesday, surrendering gains from the previous session. Brent crude slipped to $77.31 per barrel, and U.S. crude settled at $73.62. Rising U.S. crude inventories and the resolution of Libyan supply concerns were key drivers.
America And Libyan Action
The American Petroleum Institute reported higher crude and gasoline stockpiles in the U.S., with further data from the Energy Information Administration awaited later today.
In Libya, oil export operations resumed smoothly after protests at a major port were resolved, easing fears of supply disruptions.
Impact Of Geopolitical Factors On Market
Geopolitical factors also loom over the market. U.S. President Donald Trump reaffirmed plans to impose a 25% tariff on Canadian and Mexican imports, raising uncertainties over the impact on oil trade. Canada and Mexico collectively supply significant volumes of oil to the U.S., with Canada accounting for nearly 4 million barrels daily.
Markets were further rattled by weak Chinese economic data and concerns over energy-intensive AI models like DeepSeek, which could impact global energy demand.