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.

Oil prices have bounced around quite a bit over the past year. WTI, the primary U.S. benchmark price, has topped $80 a barrel several times, including earlier this month. However, it has cooled off since then and is currently in the mid-$70s.

Oil prices were falling as traders assess the potential impact of U.S. trade tariffs on global growth and the stockpiles outlook. Brent crude was down 0.9% at $75.80 a barrel, while WTI traded 0.8% lower at $73.