Oil prices fall as US crude inventories rise

Reuters

Washington, Updated At : 11:20 AM Jan 30, 2025 IST

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

Brent crude futures were down 59 cents, or 0.76 per cent, to $77.90 a barrel as of 0916 GMT, while US crude futures had lost 55 cents, or 0.75 per cent, at $73.22.

The White House said on Tuesday that US President Donald Trump still plans to issue 25 per cent tariffs on Canada and Mexico on Saturday.

"Crude prices keep dancing to the rhythm of Trump's tariff orchestra, with Canada tariffs going into effect on Saturday potentially lifting US prices then," said Ole Hansen, head of commodity strategy at Saxo Bank.

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