Oil prices rose on Friday as markets weigh the threat of tariffs by U.S. President Donald Trump on Mexico and Canada, the two largest crude exporters to the U.S., that could take effect this weekend.

U.S. oil futures on Wednesday marked their lowest settlement price of the year so far after official data revealed a weekly rise in commercial crude inventories following nine consecutive weekly declines.

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 stabilized after a brief jump due to a threat to Libyan oil exports, but uncertainty remains due to potential US tariffs on Canada and Mexico.

Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising temperatures elsewhere dampened demand prospects. Supporting prices was a disruption of oil loading operations in Libya.