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.

US President Donald Trump stated that the final decision depends on whether the price of oil charged is deemed to be fair.

Oil prices were little changed on Thursday as investors focused on tariffs threatened by U.S. President Donald Trump on Mexico and Canada, the two largest suppliers of crude to the United States. Brent crude futures were down 10 cents at $76.

Trump said his decision will be based on whether the price of oil charged by the two trading partners is fair, although the basis of his threatened tariffs pertains to stopping illegal immigration

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.