**Oil Prices Stabilize Amid Economic Concerns**
On Wednesday, oil prices showed signs of stabilization after hitting multi-week lows. The rebound follows confirmation from the White House regarding U.S. President Donald Trump’s intention to impose tariffs on imports from Canada and Mexico this week.
Despite this recovery, concerns about weak demand—spurred by disappointing economic data from China and unseasonably high temperatures in various regions—have limited gains in the market.
Brent crude futures closed down slightly by 2 cents to $77.49 per barrel, while U.S. West Texas Intermediate crude futures experienced a marginal rise of 3 cents, reaching $73.80.
During his address broadcast from Washington, D.C., President Trump urged for a reduction in oil prices as well as a global decrease in interest rates.
The White House reiterated Trump’s plan to implement a 25% tariff on imports from Canada and Mexico starting Saturday, while also exploring the potential for additional tariffs on Chinese goods.
In Libya, local protests disrupted crude oil loading operations at the Sidra and Ras Lanuf ports on Tuesday, posing a risk to approximately 450,000 barrels per day in exports. However, tensions eased when the Libyan National Oil Corporation reported that export activities were proceeding normally following discussions with the protesters.
On Monday, China, the world’s largest crude oil importer, reported an unexpected contraction in manufacturing activity for January, further applying downward pressure on oil prices. Analysts suggest that this trend could also hinder Chinese demand for crude due to recent U.S. sanctions impacting Russian oil trade.
In the United States, weather forecasts indicate temperatures will exceed seasonal norms this week, which may reduce demand for heating fuels. This comes after a period of severe cold that has driven up natural gas and diesel prices in prior sessions.