Helima Croft, Managing Director at RBC Capital Markets, discusses the rise in oil prices despite tariffs that could dampen global demand. She notes the 10% tariff on Canadian energy, attributing it to significant lobbying efforts.
Oil futures were up sharply Monday after President Trump over the weekend slapped tariffs on Canada, Mexico and China, sparking worries over U.S. crude imports, though upside was limited by concerns a trade war would dent demand.
Crude oil jumps on tariff shock, but traders remain cautious. Resistance at $75.47 could cap gains, while refinery costs and OPEC supply remain in focus.
OPEC+ is likely to adhere to current plans to raise output gradually from April when a panel of top ministers meets on Monday, delegates from the producer group told Reuters, despite U.S. President Donald Trump urging OPEC to lower prices.
Natural gas and oil prices rise amid supply risks, but weak demand casts doubt on sustained gains. Discover key market drivers and technical outlooks.
Oil prices are likely to fall in the longer run after the initial jump following President Donald Trump's implementation of hefty tariffs on Canada and Mexico, said industry watchers. While crude markets will see higher prices and consumers will be forking out more for gasoline and diesel costs in the near term, the spike is only temporary, said oil watchers whom CNBC spoke to.
JBC Vienna's director of energy and politics, Johannes Benigni, discusses what he expects from OPEC+'s scheduled meeting on Feb. 3.
Oil prices jumped at the market open on Monday after U.S. President Donald Trump imposes tariffs on Canada, Mexico and China, raising fears of a trade war and disruption in crude supply from two of the United States' biggest suppliers.
Oil prices slump as rising U.S. stockpiles, weak China demand, and Trump's tariff threats fuel bearish sentiment. Will OPEC+ intervene to stabilize the market?
President Donald Trump says he plans to impose tariffs on a wide range of imports, including oil, metals, pharmaceuticals and chips, in the coming months. Sign up for the Washington Edition newsletter to find out how the worlds of money and politics intersect in the US capital: Click Here -------- More on Bloomberg Television and Markets Like this video?
CNBC's Megan Casella joins 'Closing Bell Overtime' with updates on teh White House's growing tariff policies.
Infinity Natural Resources Inc. priced its initial public offering above the midpoint of its range in a sign of a strong stock-market debut for the oil and gas producer, which operates in Ohio and Pennsylvania.