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 fell on Wednesday, with the U.S. benchmark settling at its lowest year to date, after domestic crude stockpiles in the world's top petroleum producer and consumer rose more than expected last week.