Oil prices rose on Wednesday during early Asia trade, driven by concerns over tighter supplies after U.S. President Donald Trump threatened tariffs on countries importing oil and gas from Venezuela and following a larger-than-expected drop in U.S. crude inventories.

Brent crude futures increased by 25 cents, or 0.3%, to $73.27 a barrel by 1214 GMT, while U.S. West Texas Intermediate crude futures gained 28 cents, or 0.4%, to $69.28 a barrel.