Oil drilling rigs
Oil prices rose on Thursday as investors evaluated the US threats to impose tariffs on Canadian and Mexican crude, potentially taking effect early next month.
Brent crude futures for April delivery rose 0.35%, or $0.28, to $75.89 a barrel.
In addition, futures prices for US West Texas Intermediate (WTI) crude for March delivery settled 0.15% or $0.11 higher at $72.73 per barrel.
President Donald Trump's pick to lead the Commerce Department has told US lawmakers that Canada and Mexico can avoid blanket tariffs if they close their borders to fentanyl.
"As far as I know, they are acting swiftly, and if they execute it, there will be no tariff," Howard Lutnick said on Wednesday during a confirmation hearing before senators.
Investors are anticipating the upcoming OPEC+ meeting scheduled for Feb. 3. Kazakhstan stated on Wednesday that the alliance is expected to discuss efforts to boost US supplies, Reuters reported.
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