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18 April 2024

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Oil wavers as markets await clarity on Trump tariffs on Canada, Mexico

30-01-2025 08:53 AM


Ammon News - Oil prices were little changed on Thursday as markets braced for threatened tariffs by U.S. President Donald Trump on Mexico and Canada, the two largest suppliers of crude oil to United States, and awaited a meeting of OPEC+ producers.

Brent crude futures were down 7 cents, or 0.1%, at $76.51 a barrel by 0411 GMT. U.S. crude futures were little changed at 2 cents up, or 0.03%, to $72.64. U.S. crude futures had settled at their lowest price this year on Wednesday.

On the demand front, crude oil stockpiles in the U.S. rose by 3.46 million barrels last week, roughly in line with analysts' estimate for a rise of 3.19 million barrels, as winter storms that swept the country last week hit demand.

On the supply side, crude oil exports from Russia's western ports in February are set to fall by 8% from the January plan as Moscow boosts refining, traders said and Reuters calculations showed, after the latest U.S. sanctions squeezed crude exports. Reuters




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