Oil futures fell Wednesday morning, feeling pressure after industry data showed a large rise in crude inventories.

Oil prices dipped on Wednesday, giving up some of last session's gains, as a rise in U.S. crude stockpiles and easing worries over Libyan supplies weighed, although potential U.S. tariffs on Canadian and Mexican imports checked losses.

Oil prices declined today, Jan. 29, ahead of the Federal Reserve's decision on interest rates and US inventory data after the American Petroleum Insti

Oil prices were falling as traders assess the potential impact of U.S. trade tariffs on global growth and the stockpiles outlook. Brent crude was down 0.9% at $75.80 a barrel, while WTI traded 0.8% lower at $73.

Oil prices slid on Wednesday, giving up some of last session's gains, as an increase in U.S. crude stockpiles and easing worries over Libyan supplies weighed on prices, although the decline was limited by potential U.

Oil prices steadied on Wednesday as investors weighed the impact of potential U.S. tariffs on Canadian and Mexican imports, while largely shrugging off an increase in U.S. weekly crude inventory. Brent crude futures fell 2 cents to $77.