Canada and Mexico are the main source of oil imports in the United States, which costs about a -quarter of oil.
Oil prices jumped after US President Donald Trump introduced duties against Canada, Mexico and China. This led to fear of disruptions in providing raw oil from the two largest US suppliers, Reuters reported.
The futures for the American Oil of West Texas Intermediate Brand cost $ 73.89 per barrel, which is $ 1.36, or 1.9% higher, after January 24 they reached a maximum of $ 75.18 per barrel at the beginning of the session.
Brent cells increased by 67 cents, or 0.9%, up to $ 76.34 per barrel after reaching a maximum of $ 77.34.
According to the Ministry of Energy of the USA, Canada and Mexico is the main source of oil imports in the United States, which costs almost a -quarter of US oil refineries processed by American oil refinations as fuel and stove of gasoline.
Fuel futures jumped 2.86% to $ 2.176 for gallons after reached $ 2.162, the highest level from January 16.
However, oil prices can also fall after the next quarter, as tariffs incorporate a further deterioration in the prospects of demand, as well as due to the fact that OPEC+ is experiencing more pressure from to Trump, which requires a reduction to the victim.
Earlier, Donald Trump said the decision to introduce duties to goods from Canada, Mexico and China would be advisable, though it may be painful to the US economy.
Canada and Mexico introduce roles for US imports
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Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.