2025-01-30T04:51:54+00:00
In early trading on Thursday, oil prices have shown minimal fluctuations as market participants await the implementation of customs duties announced by U.S. President Donald Trump, affecting Mexico and Canada, the United States’ primary crude oil suppliers.
Brent crude futures increased by $0.07, or 0.1%, reaching $76.71 per barrel by 01:22 GMT. Similarly, U.S. crude oil futures rose by $0.17, or 0.2%, to $72.79 per barrel.
U.S. crude futures had recorded their lowest price for the year on the preceding Wednesday.
On Tuesday, White House spokesperson Caroline Levat confirmed President Trump’s commitment to imposing these duties on Canada and Mexico starting Saturday.
On the supply side, crude oil stockpiles in the U.S. witnessed an increase of 3.46 million barrels last week, attributed to a rise of 3.19 million barrels, as winter storms disrupted refinery operations across the country.
Investors are also bracing for the upcoming ministerial meeting of the Organization of the Petroleum Exporting Countries and its allies (OPEC+), slated for February 3.
Kazakhstan noted on Wednesday that discussions among OPEC+ major oil producers will include Trump’s initiatives aimed at boosting U.S. oil production and a coordinated response on this front.
President Trump has urged OPEC and its leading member, Saudi Arabia, to lower oil prices, suggesting such a reduction could help mitigate the ongoing conflict in Ukraine.
Notably, OPEC+ is set to commence increasing oil production in April, gradually phasing out prior production cuts, a shift that has been delayed on several occasions due to weak demand.
