New York: Oil prices fell slightly on Thursday, affected by an increase in US crude inventories and concerns about the impact of tariffs on the global economy.

According to National Iraqi News Agency, Brent crude futures fell by 22 cents, or 0.29 percent, to $75.82 a barrel, while US West Texas Intermediate crude fell by 30 cents, or 0.42 percent, to $71.95. The March contract expires today, and the more active April contract fell by 0.26 percent, to $71.84.

This decline came after prices stabilized near their highest level in a week during yesterday’s session, Wednesday, due to concerns about supply disruptions from Russia. In addition to the rise in US inventories, the tariffs announced by the administration of President Donald Trump on imports may affect oil prices by raising the cost of consumer goods, weakening the global economy, and reducing demand for fuel.