
WASHINGTON (dpa-AFX) - Oil prices traded lower on Wednesday after industry data revealed increasing stockpiles in the U.S., raising concerns over consumption levels in the world's largest consumer.
OPEC+ plans to gradually increase oil output from April also added uncertainty to global energy markets, potentially offsetting Iran tensions.
U.S. President Donald Trump issued an executive order reinstating a 'maximum pressure' campaign against Iran, targeting Tehran's oil exports.
He also proposed a U.S. takeover of the Gaza Strip at a press conference with the Israeli PM.
Benchmark Brent crude futures dipped 0.7 percent to $75.64 in European trade while WTI crude futures were down half a percent at $72.31.
U.S. crude stocks rose by 5.03 million barrels in the week ended Jan. 31, according to data from the American Petroleum Institute.
Gasoline inventories rose by 5.43 million barrels, while distillate stocks fell by 6.98 million barrels.
Official government oil inventory data from the Energy Information Administration is due to be released later in the session.
Meanwhile, investors remain worried that global crude oil demand would be hit by a potential new Sino-U.S. trade war.
After China announced retaliatory tariffs on 80 U.S. products, Trump indicated that he is in no hurry to speak to Chinese President Xi Jinping.
Amid rising trade tensions, the United States Postal Service (USPS) has announced a temporary suspension of international package acceptance from China and Hong Kong.
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