Oil futures fell Wednesday after official U.S. data revealed a weekly rise in commercial crude inventories, following nine consecutive weekly declines.

For India, lower crude prices are expected to be a boon as they will reduce oil import costs, narrow the current account deficit and bring inflation down.

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. Brent crude futures were down 59 cents,

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.