Oil prices rose on Tuesday for a fifth day on expectations that global supply may tighten after the U.S. announced tariffs on countries that buy Venezuelan crude, although OPEC+ plans to go ahead with an output hike in May limited gains.

Brent crude futures were up 46 cents, or 0.6%, at $73.46 a barrel by 1023 GMT. U.S. West Texas Intermediate crude climbed 41 cents, also 0.6%, to $69.52.

Both benchmarks rose more than 1% on Monday after U.S. President Donald Trump announced a 25% tariff on countries importing oil and gas from Venezuela. Oil is Venezuela's main export and China, which is already the subject of U.S. tariffs, is its largest buyer.

"Oil firmed up on the latest tariff moves by the U.S., although gains were capped by reports of OPEC+ moving to increase output further in May," Panmure Liberum analysts said in a note.

The Trump administration also on Monday extended a deadline to May 27 for U.S. producer Chevron (NYSE:CVX) to wind down operations in Venezuela.

The withdrawal of Chevron's licence to operate could reduce production in the country by about 200,000 barrels per day, according to ANZ analysts.

Meanwhile, OPEC+, the Organization of the Petroleum Exporting Countries and allies including Russia, will likely stick to its plan to raise oil output for a second consecutive month in May, four sources told Reuters, amid steady oil prices and plans to force some members to reduce pumping to compensate for past overproduction.

Source: Investing.com