Oil prices fell on Wednesday as rising US inventories and market concerns about a renewed China-US trade war offset President Donald Trump's renewed push to eliminate Iranian crude exports.

Brent crude fell 21 cents, or 0.28%, to $75.99 a barrel by 0701 GMT. US West Texas Intermediate (WTI) crude fell 11 cents, or 0.15%, to $72.59.

Crude prices traded in a wide range on Tuesday, with WTI down at one point as much as 3%, the lowest since December 31, after China announced tariffs on US oil, liquefied natural gas and coal imports in retaliation for US levies on Chinese exports.

But prices rebounded after Trump reimposed a "maximum pressure" campaign against Iran to curb its nuclear program that he imposed during his first term that has slashed Iran's crude exports to zero.

Weighing on the market on Wednesday was higher-than-expected U.S. crude oil inventory data overnight, said Jun Rong Yeap, a market strategist at IG.

Crude stocks rose by 5.03 million barrels in the week to Jan. 31, according to market sources, citing figures from the American Petroleum Institute.

Gasoline stocks rose by 5.43 million barrels, and distillate stocks fell by 6.98 million barrels, the API reported, according to the sources.

Official U.S. government oil inventory data is due at 1530 GMT on Wednesday.

The build in crude and fuel stocks in the world's largest oil consumer signals weaker consumption, adding to investor concerns about the impact of tariffs on the global economic outlook and energy demand. (Newsmaker23)

Source: Investing.com