05:04 AM EST, 02/05/2025 (MT Newswires) -- Crude oil prices fell early Wednesday after the U.S. recorded another increase in crude inventories, exacerbating concerns about a new trade war between the China and the U.S.

Brent crude lost 0.9% to US$75.55/barrel and West Texas Intermediate crude fell 0.8% to US$72.09/b at last look. WTI at one point fell to its lowest level since Dec. 31 after China announced retaliatory tariffs on U.S. imports of oil, liquefied natural gas and coal, Reuters said in a Wednesday report.

Higher-than-expected U.S. crude stock increases weighted down the market with a jump of 5.03 million barrels in the week ended Jan. 31, market sources told Reuters, citing the American Petroleum Institute. Gasoline inventories also gained 5.43 million barrels, the sources said.

Rising inventories signal consumption weakness, which add to market concerns about the impact of tariffs on economic and energy demand outlooks, Reuters said in the report.

Losses were somewhat capped by Trump restoring the "maximum pressure" campaign on Iran to curb its nuclear program, the report said.