Oil futures got a short-lived jolt Thursday after President Donald Trump reiterated plans to impose 25% tariffs on imports from major crude suppliers Canada and Mexico.
West Texas Intermediate futures spiked as much as 1.5% from their settlement price after Trump made the comments to reporters at the White House. The gain just as quickly evaporated after he said he will decide later tonight on whether to include oil in the tariffs. WTI traded at $73.06 a barrel at 4:10 p.m. in New York.
“We may or may not, we’re going to make that determination probably tonight,” Trump said about putting tariffs on oil, adding that the decision would depend in part on oil prices.
Trump cited the flow of fentanyl and large trade deficits as reasons for the tariffs, set to go into effect on Feb. 1.
Canada exported an average of 4.1 million barrels a day this month to its southern neighbor.
Oil Prices:
- WTI for March settlement: $72.73 a barrel in New York.
- Brent for March settlement: $76.87 a barrel.
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