WASHINGTON (dpa-AFX) - Oil futures settled higher on Monday after U.S. President Donald Trump imposed tariffs on imports from Canada threatened to disrupt North America's tightly integrated oil market.
A stronger dollar and Trump's decision to delay tariffs on Mexico for a month limited oil's upside.
Within hours of Trump's executive order on tariffs on imports from Canada, Canadian Prime Minister Justin Trudeau unveiled a 25% counter-tariff on $107 billion of U.S. goods.
It is feared that a trade war against Canada and Mexico could affect U.S. energy prices and have significant geopolitical ramifications.
The U.S. imports approximately 4 million barrels of Canadian oil and nearly 500,000 barrels of Mexican oil daily.
Oil prices were also supported by stronger than expected U.S. economic data.
West Texas Intermediate Crude oil futures for March settled at $73.16 a barrel, up $0.63 or about 0.87%.
Brent crude futures were up $0.17 or 0.22% at $75.84 a barrel a little while ago.
The Organization of petroleum exporting countries and allies, collectively known as OPEC+, said after a meeting today that there won't be any changes to their oil production plans in the first quarter, and that crude output would be gradually restored in monthly stages beginning in April.
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