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.

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

Oil prices were edging lower in early trade amid U.S. President Donald Trump's call for OPEC to cut prices and swift trade moves rattling markets. Brent crude and WTI were both down 0.2% to $77.39 and $74.