OIL: Oil End of Day Summary: WTI Down 3% on Week

WTI has struggled for clear direction today, with news that 25% tariffs will likely be placed on US imports from Canada and Mexico sparking spikes and then dips in crude. Crude has finished the day trading lower and down 3% on the week.

• WTI MAR 25 down 0.4% at 72.46$/bbl
• The US total oil rig count: 479 (+7) -down 20 rigs, or 4.0% on the year.
• The White House said that 25% tariffs would be put in place on Canada and Mexico from Feb. 1.
• Canadian Foreign minister Melanie Joly says the US would be forced to buy oil from geopolitical rivals such as Venezuela if it disrupted trade with Canada.
• Chevron is seeking to protect a special US license allowing it to operate in Venezuela.
• CNN reports that US President Donald Trump's envoy for special missions, Richard Grenell, is set to meet with Venezuelan President Nicolas Maduo on a visit to the country today.
• January’s exports of Mexican crude slumped amid bad weather and debt that is restraining Pemex’s output.
• The JMMC overseeing the OPEC+ crude production agreement is expected to recommend continuing the current policy at its Feb. 3, Platts said.
• US President Trump’s promise to refill the US SPR could face a host of practical and political roadblocks, experts told Platts.
• Goldman Sachs has increased its Brent crude forecast by $2/bbl.
• The Suez Canal Authority has urged shipping companies to resume using the canal, citing reduced safety concerns due to a halt in Houthi rebel attacks, Platts said.
• Anti-KRG Shia MPs are obstructing joint Baghdad-Erbil efforts to pass a budget amendment allowing higher remuneration to Kurdistan-based IOCs, MEES said.