Oil prices dipped on Wednesday, giving up some of last session's gains, as a rise in U.S. crude stockpiles and easing worries over Libyan supplies weighed, although potential U.S. tariffs on Canadian and Mexican imports checked losses.

Oil prices ticked up but hovered near a two-week low on Tuesday after weak economic data from China and warming weather forecasts elsewhere soured the demand outlook. Brent crude oil futures rose by 42 cents,