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.

The Energy Information Administration (EIA), in its January Short-Term Energy Outlook, is forecasting global oil prices (Brent crude oil)

Oil prices were held in check on Thursday by threatened U.S. tariffs on Canadian and Mexican crude that could take effect this weekeend. Brent crude futures were up 27 cents at $76.85 a barrel at 11:05 a.