U.S. oil futures on Wednesday marked their lowest settlement price of the year so far after official data revealed a weekly rise in commercial crude inventories following nine consecutive weekly declines.

Oil prices stabilized after a brief jump due to a threat to Libyan oil exports, but uncertainty remains due to potential US tariffs on Canada and Mexico.

Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising temperatures elsewhere dampened demand prospects. Supporting prices was a disruption of oil loading operations in Libya.