Oil Prices Hold Steady Amid Tariff Uncertainty

30 Jan 2025 , 10:09 AM

Early Thursday trade saw minimal movement in oil prices as investors awaited U.S. President Donald Trump’s tariffs on Canada and Mexico, the country’s two biggest suppliers of crude oil.

Brent crude futures were up 7 cents, or 0.1%, at $76.71 per barrel. At $72.79., U.S. crude futures increased 17 cents, or 0.2%. On Wednesday, U.S. crude futures had reached their lowest level of the year.

White House spokesperson Karoline Leavitt told reporters on Tuesday that U.S. President Donald Trump still intends to follow through on his pledge to impose tariffs on Canada and Mexico on Saturday.

Howard Lutnick, Trump’s choice to head the Commerce Department, promised to impede China’s artificial intelligence development on Wednesday and stated that Canada and Mexico can avoid the tariffs if they move quickly to block fentanyl from entering their countries.

Due to refinery utilization being impacted by the winter storms that ravaged the nation last week, U.S. crude oil stocks increased by 3.46 million barrels last week, which was about in line with experts’ estimates of a 3.19-million-barrel increase.

Federal Reserve Chair Jerome Powell stated that there would be no rush to lower interest rates again until data indicated a fresh drop in inflation or increased concerns in the labor market. The U.S. central bank kept interest rates unchanged on Wednesday.

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