WTI Oil Prices Down as Trump Agrees to Pause Tariffs on Mexico, Canada

A view of an oil pumpjack in a farmer’s field near Kindersley, Saskatchewan, Canada September 5, 2024

Wedoany.com Report-Feb 4,U.S. West Texas Intermediate (WTI) crude prices were down by 1.1%, or 0.80 cents, to $72.36 at 2323 GMT after U.S. President Donald Trump agreed to pause imposing steep tariffs on Mexico and Canada for one month.

Both Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum said they had agreed to bolster border enforcement efforts in response to Trump's demand to crack down on immigration and drug smuggling. That would pause 25% tariffs due to take effect on Tuesday for 30 days.

Canada and Mexico are the biggest oil suppliers to the United States, the world's top crude oil producer itself. U.S. tariffs on China are still due to take effect within hours.