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Barchart
Barchart
Rich Asplund

Expectations for US Tariffs on Canada and Mexico Boosts Crude Prices

Oil United States Canada Donald Trump Mexico OPEC EIA

April WTI crude oil (CLJ25) Thursday closed up +1.73 (+2.52%), and April RBOB gasoline (RBJ25) closed up +0.0496 (+2.26%).

Crude oil and gasoline prices rallied Thursday after President Trump confirmed plans to impose tariffs on Canada and Mexico, the two top suppliers of crude to the US, starting March 4.   Crude also has carryover support from Wednesday, when weekly EIA crude inventories unexpectedly declined.   Thursday's rally in the dollar index to a 1-week high is a bearish factor for crude.  

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