Oil prices stabilized on Wednesday, following a decline in the previous session due to concerns over new U.S. tariffs that could escalate global trade tensions and impact crude demand.

Brent futures held steady at $74.47 per barrel after a 0.4% drop on Tuesday, while U.S. West Texas Intermediate crude futures inched up by 1 cent to $71.21 following a similar decline. Prices had climbed to a five-week high on Monday.

President Donald Trump is expected to announce new tariffs without specifying their extent or scope. This move could potentially disrupt the global trade landscape.

The market was also affected by Trump's threats of imposing additional tariffs on Russian oil and the enforcement of stricter sanctions on Iran to curb its oil exports as part of the administration's strategy to intensify pressure.

Mixed signals were indicated in U.S. crude oil inventories, with a reported increase of 6 million barrels in crude stocks but a decrease of 1.6 million barrels in gasoline inventories and 11,000 barrels in distillate stocks.

The Energy Information Administration is set to release official U.S. crude oil inventory data later in the day.

Investors are awaiting a virtual meeting on Thursday among OPEC+ ministers representing eight countries, where they are likely to approve a further production increase starting in May, aiming to adjust to changing market conditions.