Oil prices retreat after report of U.S. crude stockpile rise

Oil prices edged down on Wednesday as an industry report showed an increase in U.S. crude stockpiles and tariff worries weighed on sentiment, though stronger refining margins limited the market's downside.

Brent futures fell 25 cents, or 0.3%, to $76.75 a barrel by 0408 GMT, while U.S. West Texas Intermediate (WTI) crude dropped 28 cents, or 0.4%, to $73.04 a barrel.

The declines snapped a three-day streak of gains for prices with Brent climbing 3.6% while WTI rose 3.7%.

Crude oil stockpiles in the U.S., the world's biggest oil producer and consumer, rose by 9.4 million barrels in the week ending February 7, according to sources citing American Petroleum Institute data on Tuesday.

Gasoline inventories fell by 2.51 million barrels, and distillate stocks dropped by 590,000 barrels, the sources said the API data showed.

Data from the Energy Information Administration will be released later on Wednesday.

The EIA increased its estimate for U.S. crude production while leaving its demand forecast unchanged. It now expects U.S. crude oil output to average 13.59 million barrels per day in 2025, up from its prior estimate of 13.55 million bpd.

Prices also slipped on concerns that multiple U.S. tariffs being enacted or threatened could limit global economic growth and energy demand.

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