Investing.com-- Oil prices were little changed in Asian trading on Friday as investors braced for U.S. reciprocal tariffs starting next week, though they remained near a one-month high and headed for a third consecutive weekly gain amid concerns of a tightening supply.

As of 21:55 ET (01:55 GMT), Brent Oil Futures expiring in April were little changed at $74.00 per barrel, hovering near a one-month high it reached on Tuesday.

West Texas Intermediate (WTI) crude futures were muted at $69.45 per barrel. They remained over a three-week high touched Tuesday.

Both contracts were on track to rise over 2% for the week, marking their third consecutive weekly gain, driven by U.S. threats of tariffs on countries purchasing Venezuelan oil and gas, along with declining U.S. crude inventories.

Oil set for weekly jump on Venezuela sanctions, declining US stockpiles

U.S. President Donald Trump on Monday threatened to impose 25% tariffs on all imports from countries that purchase oil or gas from Venezuela, effective April 2.

Venezuela’s oil exports are a significant component of its economy, with China being its largest oil buyer. Other major buyers include the U.S. and India.

The announcement has raised concerns about potential disruptions in global oil supply chains and has contributed to higher oil prices.

Moreover, the U.S. Energy Information Administration’s (EIA) weekly report released on Wednesday, suggested a tightening supply in the crude oil market.

U.S. crude oil inventories decreased by 3.3 million barrels to 433.6 million barrels, a drawdown exceeding analysts’ expectations of a 956,000-barrel reduction.

Gasoline stocks fell by 1.4 million barrels, though the decline was slightly less than analysts’ expectations of 1.8 million barrels.

Trump set to impose reciprocal tariffs next week; Canada vows retaliatory auto tariffs

President Donald Trump announced on Wednesday his intention to impose a 25% tariff on all imported automobiles and parts, effective April 2.

In response, Canadian Prime Minister Mark Carney declared that the longstanding trade relationship with the U.S. is "over," advocating for a comprehensive renegotiation of trade agreements between the two nations.

Carney emphasized the need for Canada to adapt its economy, particularly the auto sector, to mitigate the impact of U.S. tariffs and to seek more reliable trading partnerships.

Trump is also set to impose separate worldwide reciprocal tariffs on April 2, seeking to target countries with significant trade imbalances with the U.S.

The escalating trade tensions and impending tariffs are keeping oil traders cautious, as potential disruptions to global supply chains and economic uncertainty could weigh on fuel demand.