Golden Ten Data January 21st News, Trump announced a plan to increase U.S. oil and gas production, and stated that he is considering imposing a 25% tariff on goods imported from Canada and Mexico starting from February 1st, rather than immediate imposition, both of which are beneficial to lower oil prices. The American and Brent crude oil futures both fell during the Asian session. However, in the future, the imposition of tariffs on Canadian crude oil may push up the market. Federal Bank analyst Vivek Dhar said that almost all of Canada's oil exports are sold to the United States, usually at a discount to WTI. Therefore, the U.S. tariff threat increases the risk of higher costs for most of Canada's oil exports. In addition, Trump also promised to replenish strategic reserves, which may boost demand for U.S. crude oil and be positive for oil prices.
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Trump's two measures have put pressure on oil prices, but the future of the oil market may rise
Golden Ten Data January 21st News, Trump announced a plan to increase U.S. oil and gas production, and stated that he is considering imposing a 25% tariff on goods imported from Canada and Mexico starting from February 1st, rather than immediate imposition, both of which are beneficial to lower oil prices. The American and Brent crude oil futures both fell during the Asian session. However, in the future, the imposition of tariffs on Canadian crude oil may push up the market. Federal Bank analyst Vivek Dhar said that almost all of Canada's oil exports are sold to the United States, usually at a discount to WTI. Therefore, the U.S. tariff threat increases the risk of higher costs for most of Canada's oil exports. In addition, Trump also promised to replenish strategic reserves, which may boost demand for U.S. crude oil and be positive for oil prices.