Doha: Oil prices slid on Wednesday, giving up some of last session's gains, as an increase in US crude stockpiles and easing worries over Libyan supplies weighed on prices, although the decline was limited by potential US tariffs on Canadian and Mexican imports. Brent crude futures fell 18 cents, or 0.2%, to $77.31 a barrel, while US crude futures declined 15 cents, or 0.2%, at $73.62 a barrel.

According to Qatar News Agency, US crude oil and gasoline stocks rose last week, while distillate inventories fell, market sources said on Tuesday, citing American Petroleum Institute figures. The increase in inventories has contributed to the downward pressure on oil prices, as higher stockpiles typically indicate lower demand or higher supply.

The easing concerns over Libyan oil supplies have also played a role in the recent price movements. Previously, disruptions in Libyan output had supported higher prices, but as production stabilizes, the pressure on prices has lessened.

Despite these factors, the potential for US tariffs on Canadian and Mexican imports continues to provide some support for oil prices. Tariffs could disrupt supply chains and impact the flow of goods, including energy products, leading to potential market volatility.

Overall, the oil market remains sensitive to changes in inventory levels and geopolitical developments, with traders closely monitoring any new data or policy announcements that could influence supply and demand dynamics.