Investing.com-- Oil prices moved little in Asian trade on Wednesday as traders grew more cautious before U.S. President Donald Trump’s announcement on increased trade tariffs later in the day.

Markets were also awaiting a meeting of the Organization of Petroleum Exporting and Allies later this week, where the cartel is reportedly considering plans to further increase production.

Crude prices marked some gains over the past week after Trump threatened Russia with more oil sanctions, while also threatening military action against Iran over a nuclear deal.

Traders attached a greater risk premium to oil, while also betting that supplies could be disrupted from Trump’s actions.

But bigger gains in crude were held back by concerns that Trump’s policies will disrupt global growth, which could undermine crude demand.

Brent oil futures expiring in June fell 0.1% to $74.43 a barrel, while West Texas Intermediate crude futures steadied at $70.72 a barrel by 21:55 ET (01:55 GMT).

Oil markets took mixed cues from inventory data from the American Petroleum Institute , which showed a bumper 6 million barrel build in overall stockpiles. But gasoline inventories appeared to have shrunk.

The API data usually heralds a similar trend from official inventory data , which is due later on Wednesday.

Trump tariffs, economic impact in focus

Trump is set to impose reciprocal tariffs against several major U.S. trading partners later in the day. Reports showed that Trump was also considering a 20% tariff on all imports to the U.S.

Treasury Secretary Scott Bessent said that Trump will impose the maximum amount of tariffs on Wednesday, and targeted countries can bring down the tariffs by passing measures to appease Washington.

But the scale of the tariffs remained unclear, leaving investors fretting over their economic impact. Several analysts and policymakers warned that the tariffs could underpin U.S. inflation and dent economic growth- a scenario that bodes poorly for oil demand.

Tariffs against Canada and Mexico could also severely crimp U.S. oil supplies.

OPEC+ meeting awaited for supply cues

The OPEC+ is set to meet on Thursday, with a Reuters report suggesting that some members of the cartel will increase production further.

The production hike comes amid calls from Trump for the OPEC to help bring down oil prices.

Thursday’s meeting will also review plans for some OPEC+ members to make additional supply cuts to compensate for past overproduction.