Oil prices rose on Friday as markets weighed the threat of tariffs by U.S. President Donald Trump on Mexico and Canada, the two largest crude exporters to the U.S., that could take effect this weekend.
Brent crude futures for March, which expires on Friday, gained 61 cents at $77.48 a barrel at 0430 GMT. The more-active April contract was at $76.37 a barrel, up 48 cents.
U.S. West Texas Intermediate crude (WTI) gained 65 cents to $73.38. For the week, Brent is set to fall 1.3% while WTI has declined 1.69%.
However, for the month of January, Brent is set to gain 3.8%, its best month since June, and WTI is poised to climb 2.3%.
“Crude oil prices declined this week due to increasing fears surrounding Trump’s tariffs, which are expected to hinder global economic growth,” said Priyanka Sachdeva, senior market analyst at Phillip Nova.
Investors are contemplating the likelihood of U.S. tariffs alongside a flurry of executive orders and policy announcements, ANZ Bank analyst Daniel Hynes said.
