Doha: Oil prices edged lower on Thursday over an increase in US crude stockpiles and concerns regarding the impact of tariffs on the global economy. Brent futures were down 22 cents, or 0.29%, at $75.82 a barrel. US West Texas Intermediate crude declined by 30 cents, or 0.42%, to $71.95. The March contract expires on Thursday and the more active April contract dropped by 0.26% to $71.84.

According to Qatar News Agency, this decline came after prices stabilized near their highest level in a week during Wednesday's session, due to concerns over supply disruptions from Russia, as well as rising US inventories. Additionally, tariffs announced by US President Donald Trump's administration on imports could impact oil prices by raising the cost of consumer goods, weakening the global economy, and reducing fuel demand.