Oil prices are falling due to increasing supplies in the US and Libya.

On Wednesday, January 29, oil prices fell due to an increase in crude oil inventories in the United States and a decrease in concerns about supply disruptions from Libya.

https://www.ukrinform.ua/rubric-economy/3953935-nafta-desevsae-cerez-zrostanna-zapasiv-u-ssa-ta-livii.html2025-01-29 08:21:16

As reported by Ukrinform, this information comes from Reuters.

Brent crude oil futures fell by 18 cents, or 0.2%, to $77.31 per barrel, while U.S. oil futures decreased by 15 cents, or 0.2%, to $73.62 per barrel.

U.S. crude oil and gasoline inventories rose last week, while distillate stocks declined, market sources reported on Tuesday, citing data from the American Petroleum Institute.

The Energy Information Administration (EIA), the statistical agency of the U.S. Department of Energy, is set to release its weekly data on Wednesday.

According to Chioki Chen, chief analyst at Sunward Trading in Tokyo, resolving supply issues in Libya has also intensified selling pressure.

These concerns eased after the state-owned National Oil Corp announced on Tuesday that export operations are running normally following negotiations with protesters who demanded a halt to loading at one of the major oil ports.

The White House stated on Tuesday that President Trump still plans to impose a 25% tariff on Canada and Mexico on Saturday.

It remains unclear how the new tariffs will affect oil imports to the U.S. from these countries. According to EIA data, Canada supplied the U.S. with 3.9 million barrels of oil per day in 2023, accounting for about half of the total annual imports, while Mexico supplied 733,000 b/d.

According to official statements and sources, the Saudi Arabian energy minister and several of his OPEC+ colleagues held talks following Trump's call to lower oil prices ahead of next week's meeting of producing countries.

Comparative oil metrics dropped to multi-week lows at the beginning of this week as news of growing interest in a low-cost artificial intelligence (AI) model from the Chinese startup DeepSeek raised concerns about energy demand for powering data centers, disrupting the overall energy sector, while weak economic data from China further deteriorated the demand outlook.

Technology stocks recovered on Tuesday, a day after DeepSeek shook the markets.