Oil prices rose on Wednesday, buoyed by government data showing U.S. crude oil and fuel inventories fell last week and by mounting concerns about tighter global supply following the U.S. threat of tariffs on nations buying Venezuelan crude.

Oil futures rose as the EIA reported an unexpected 3.3 million barrel weekly draw in U.S. crude inventories and a fourth straight drop in gasoline stocks.

Oil prices were mostly flat after rising earlier in the session on Thursday due to a fall in US inventories. According to the US Energy Information Administration, crude oil inventories in the country decreased by 3.

Oil prices slipped in early European trade as traders weighed the impact on global demand of Trump’s 25% tariffs on all imported cars and trucks.

Companies planning a flagship offshore gas project between Venezuela and Trinidad and Tobago "have not slowed down" work, Trinidad Prime Minister Stuart Young said on Thursday, despite the United States increasing pressure on sanctioned Venezuela and uncertainty over the extension of a license for the project.

Crude oil futures edged higher, with the market weighing the impact of potential supply disruptions against the economic impact of U.S. trade tariffs.