Oil futures looked to post a loss Wednesday, their first in four sessions, after official U.S. data revealed a third straight weekly climb in U.S. crude supplies.

Oil prices rose significantly following the announcement of new tariffs on steel and aluminum imports by the former U.S. President, reflecting concerns about the potential impact on global economic growth and oil demand.

U.S. crude oil inventories increased for a third consecutive week while gasoline stocks declined for the first time in three months, according to data released by the U.S. Energy Information Administration.

Oil prices fell 1% on Wednesday, ending three days of gains, as industry sources pointed to rising U.S. crude stockpiles and hawkish remarks from Fed Chair Jerome Powell that signalled slower rate cuts this year.