WASHINGTON (dpa-AFX) - Oil futures settled lower on Friday amid uncertainty about implementation of U.S. President Donald Trump's proposed tariff plans on Canada and Mexico.
Concerns about the outlook for demand from China continued to weigh on oil prices. A stronger dollar and resumption of Russian crude exports from the Baltic Sea port of Ust-Luga hurt as well.
West Texas Intermediate crude oil futures for March closed lower by $0.20 at $72.53 a barrel.
Brent crude futures were down $0.17 or 0.24% at $75.72 a barrel a little while ago.
Trump said on Thursday that he would go ahead with long-threatened import tariffs on goods from Canada and Mexico from February, with the flow of fentanyl and large trade deficits citied as among the reasons for the decision.
However, he is yet to decide on whether oil imports would be included in the policy, noting it depended on whether the two nations 'treat us properly' and 'if the oil is properly priced.'
A report from Baker Hughes said the oil rig count in the U.S. increased by seven to 479 this week.
Markets now await the ministerial meeting of the OPEC nations and their allies, that is scheduled to take place on Monday (February 3).
The oil cartel is expected to go ahead with a plan to start returning 2.2 million bpd of voluntary production cuts with 122,000 bpd monthly increase from April 2025.
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