OIL: Oil Summary at European Close: Crude Falls on Week

Crude markets have moved back to near rangebound today but are still down week on week. The market has reversed course after peaking in early January, but uncertainty around tariffs continues.

• Brent MAR 25 unchanged at 76.87$/bbl
• WTI MAR 25 up 0.1% at 72.8$/bbl
• The threat of tariffs saw prices rally yesterday with President Trump quoted saying “We don’t need the products that they have. We have all the oil that you need.” A decision on whether to include crude in tariffs has yet been announced.
• 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, saying China and Russia will gain influence in the oil-producing nation, and the western hemisphere, if it is forced out by Donald Trump’s administration.
• 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.
• 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.
• Chevron says it expects 9-10% oil output growth in Permian basin in 2025.
• Goldman Sachs has increased its Brent crude forecast by $2/bbl as a boost from lower OECD commercial inventories outweighs a lower long term price forecast.
• 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.