05:03 AM EST, 01/29/2025 (MT Newswires) -- Crude oil prices fell on rising U.S. crude oil inventories and easing supply concerns.

Brent crude lost 0.8% to US$76.85/barrel and West Texas Intermediate crude fell 0.8% to US$73.16/b at last look early Wednesday.

U.S. crude oil and gasoline stocks rose last week, Reuters reported Wednesday, citing market sources using figures from the American Petroleum Institute.

Supply concerns are easing in Libya as the state-run National Oil Corp. said export activity was running normally after it held talks with protesters demanding a halt in oil port loadings, the report said.

News of China-based DeepSeek's low-cost artificial intelligence model also put oil prices under pressure as previous forecasts of high energy demand from data centers were called into question.

It remains unclear how potential new U.S. tariffs this weekend could affect oil imports to the U.S. Meanwhile, Saudi Arabia's energy minister and Organization of the Petroleum Exporting Countries counterparts have held talks following Trump's call to lower oil prices, Reuters reported, citing official statements and unnamed sources.