West Texas Intermediate (WTI) crude Oil price appreciates after two days of losses, trading around $73.00 during Asian market hours on Friday.
The rise in crude Oil prices comes amid concerns over potential supply disruptions as markets assess the risk of a 25% tariff imposed by US President Donald Trump on Mexico and Canada—the two largest crude exporters to the United States (US).
These tariffs, which could take effect on February 1, are intended to pressure both countries to halt fentanyl shipments across US borders.
However, it remains uncertain whether crude Oil will be included in the tariffs. On Thursday afternoon, Trump stated that he would likely make a decision that evening on whether to apply the 25% tariff to Canadian Oil, but no further updates have emerged.
In 2023, Canada supplied 3.9 million barrels per day (bpd) of crude to the US, accounting for a significant portion of the 6.5 million bpd total imports, while Mexico contributed 733,000 bpd, according to data from the US Energy Information Administration.
Trump also indicated that China, the world's largest oil importer, would face tariffs, with his administration actively working on their implementation.
Source: FXStreet
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