WTI crude oil futures fluctuated around $76 per barrel on Tuesday, as traders digested a series of executive orders from U.S. President Donald Trump following his inauguration. Among these was a plan to impose 25% tariffs on imports from Canada and Mexico starting February 1, dampening investor expectations for a delay. However, Trump held off unveiling specific levies on China, the world's top oil importer, keeping markets on edge. Traders are also awaiting further details on sanctions targeting major oil exporters, including Russia, Iran, and Venezuela. On Monday, crude prices dropped more than 1%, after Trump announced plans to boost U.S. oil and gas production by declaring a national emergency. Lower geopolitical risk also helped ease prices following the ceasefire and hostage release deal between Israel and Hamas.
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