WTI oil for May delivery closed up US$0.51 to settle at US$71.71 per barrel, while June Brent crude was last seen up US$0.50 to US$74.99.

In its weekly survey released on Tuesday afternoon, the Energy Information Administration reported U.S. oil stocks rose by 6.2-million barrels last week, while the consensus estimate among analysts polled by Reuters expected a 2.1-million barrel drop in inventories.

The rise in stocks comes ahead of new supply coming from OPEC+ as it returns production cuts to market in 18 monthly increments, beginning with 138,000 barrels per day of additional supply this month. However the new supply is being offset with tightened U.S. sanctions on Iran and Venezuela, while Trump this week threatened to impose secondary tariffs on U.S. imports from countries buying Russian oil.

Trump plans to introduce a broad slate of fresh tariffs on imports from U.S. trading partners and products on Wednesday afternoon, as he looks to raise US$600 billion annually from U.S. consumers, the largest tax increase in the country's history, according to CNN. The new levies are likely to slow growth and boost inflation

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