According to the price survey at 12:37 on February 1 (Vietnam time), WTI crude oil price is 72.53 USD/barrel, down 0.2 USD, equivalent to a decrease of 0.27%. Brent oil price is 75.67 USD/barrel, down 0.22 USD, equivalent to a decrease of 0.29%.
Brent and WTI crude oil prices fell 2.1% and 2.9%, respectively, last week, marking their second consecutive weekly decline, Reuters reported, largely due to market expectations that the proposed tariffs would push up fuel prices for U.S. consumers, hurting global economic growth and energy demand.
"We're going to be putting tariffs on oil and gas. That's going to happen pretty soon, I think around February 18th," Trump told reporters in the Oval Office of the White House.
Asked if the tariffs would include Canadian crude oil, Trump said: "I'll probably reduce the tariffs on that a little bit. We think we'll reduce it to 10% on crude oil."
Trump had earlier threatened to impose a 25% tariff on Canadian and Mexican exports to the United States today (February 1), without specifying whether oil and gas would be exempted.
"It's the uncertainty that's starting to push prices up," said John Kilduff, a partner at Again Capital in New York.
He added that the Trump administration is stepping up its actions and there is a high likelihood that Canada and Mexico will take retaliatory measures, along with the possibility of escalating these tariffs.
Canada and Mexico are the two largest exporters of crude oil to the United States. Canadian crude is favored by many Midwestern refiners. Cutbacks in flows could push up fuel prices, analysts say.
Tariffs could lead to significant cuts in US refining activity, said Energy Aspects analyst Livia Gallarati.
“In our view, if tariffs are announced, there will likely be an extension to negotiations and oil will likely be exempted from any tariffs eventually,” Gallarati added.
Prime Minister Justin Trudeau said Friday that Canada will respond immediately and strongly if the United States imposes tariffs, warning Canadians they could be in for tough times.
The market is also awaiting the OPEC+ meeting scheduled for Monday.
Delegates from the OPEC+ oil producer group told Reuters that plans to gradually increase output were unlikely to change when the group meets on Monday, despite Trump urging OPEC, and in particular Saudi Arabia, to lower prices.
Meanwhile, the US oil rig count, an indicator of future output, rose by seven to 479 this week.
Money managers cut their net long positions in U.S. crude oil futures and options in the week to Jan. 28, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.
