Brent crude lost 0.2% to US$74.36/barrel and West Texas Intermediate crude was down 0.2% to US$71.09/b at last look early Wednesday.

The White House confirmed that new tariffs would be imposed on Wednesday, but markets continue to await clarity, Reuters said in a Wednesday report.

"The (tariff) announcement could impact prices either to the upside or the down, although the balance of risk lies to the downside, given that weaker-than-expected tariff measures are unlikely to drive a significant rally in Brent, while stronger-than-expected measures could trigger a substantial selloff," Reuters quoted BMI analysts as saying in a note.

Prices have remained muted as the market looks for reactions from major importing nations on the new tariffs, analysts told Reuters.

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