Oil prices fell on Wednesday, with the U.S. benchmark settling at its lowest year to date, after domestic crude stockpiles in the world's top petroleum producer and consumer rose more than expected last week.

Crude oil prices are expected to rise for a third week in a row due to US sanctions on Russia, positive economic data from China, and potential US interest rate cuts.

Oil prices edged lower Wednesday on a rise in U.S. crude stockpiles and easing concern over Libyan supply, with U.S. tariffs on Canadian and Mexican imports also in focus. Brent crude futures were down 37 cents,