India, Feb. 5 -- Oil prices traded lower on Wednesday after industry data revealed increasing stockpiles in the U.S., raising concerns over consumption levels in the world's largest consumer.
OPEC+ plans to gradually increase oil output from April also added uncertainty to global energy markets, potentially offsetting Iran tensions.
U.S. President Donald Trump issued an executive order reinstating a "maximum pressure" campaign against Iran, targeting Tehran's oil exports.
He also proposed a U.S. takeover of the Gaza Strip at a press conference with the Israeli PM.
Benchmark Brent crude futures dipped 0.7 percent to $75.64 in European trade while WTI crude futures were down half a percent at $72.31.
U.S. crude stocks rose by 5.03 millio...