More than half of the crude oil imports to the United States come from Canada, specifically from the oil-producing province of Alberta. This news has raised concerns in the markets after President Donald Trump expressed his support for the imposition of tariffs and taxes on products manufactured abroad, such as steel, aluminum, and copper.
"The price increase this afternoon is due to fears that the price of imported Canadian crude will rise," noted Scott Shelton, an energy specialist at TP ICAP Group Plc. Oil has experienced a rise after the White House announced that tariffs on imports from Canada will go into effect next Saturday.
West Texas Intermediate crude rose by 0.8 percent, reaching nearly $74 per barrel, amid uncertainty generated by the imposition of taxes. U.S. exports of oil products have reached an 11-month high, averaging about 2.3 million barrels per day.
So far this year, oil markets have shown significant fluctuations due to sanctions on Russia and extreme weather conditions in the Middle East. However, analysts have expressed greater optimism about future prospects, with Bank of America Corp predicting a decrease in the oil surplus for this year.
Regarding expectations for next week, OPEC and its allies are expected to maintain the current supply policy at a review meeting, resisting Trump's pressure to increase production and lower oil prices. Currently, the group plans to gradually increase production starting in April.
On the other hand, oil initially fell amid reports that Russia is sending shipments of sanctioned oil to India on vessels blacklisted by the U.S. Treasury, testing Moscow's ability to evade the restrictions.
