U.S. oil futures on Wednesday marked their lowest settlement price of the year so far after official data revealed a weekly rise in commercial crude inventories following nine consecutive weekly declines.

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,

The crude oil markets are a little soft in the early hours of Wednesday, as the market is waiting for the crucial Federal Reserve interest rate announcement, and the inventory numbers coming out of the USA.

Commercial crude stockpiles rose by 3.5 million barrels. Analysts had predicted inventories would increase by 1.1 million barrels.