Oil prices fell on Wednesday, with the U.S. benchmark settling at its lowest year to date, after domestic crude stockpiles in the world's top petroleum producer and consumer rose more than expected last week.

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 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.