Oil prices edged lower on Wednesday, with the U.S. benchmark down nearly 1% after crude stockpiles in the world's top petroleum producer and consumer rose more than expected last week. Brent crude futures were down 43 cents,

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.

ConocoPhillips can generate that much cash at an oil price below $80 because of its low cost of supply. It has about 20 billion barrels of resources with a cost of supply of $40 per barrel or lower, with an average cost of supply of $32 per barrel. With crude prices in the $70s, ConocoPhillips can produce a lot of cash.

Oil prices fell on Wednesday, following a rise in U.S. crude stockpiles and easing worries over Libyan supply, while focus turned to potential U.S. tariffs on Canadian and Mexican imports.