U.S. West Texas Intermediate (WTI) crude prices fell on Tuesday after leaders of Mexico and Canada announced that U.S. President Donald Trump had agreed to delay steep tariffs for one month.
By 3:10 pm AEDT (4:10 am GMT) Brent crude futures declined $0.39 or 0.5%, to US$75.57 a barrel, while WTI crude dropped $0.83 or 1.1% to $72.41 per barrel.
Meanwhile, OPEC+ members agreed to stick to a gradual raising of oil output from April, while removing the U.S. government's Energy Information Administration from the sources used to monitor production data.
ANZ analysts noted, "Trump’s calls for OPEC to lower prices were ignored, with the oil-producing group deciding it won’t make any changes to its existing oil production plans."
Earlier in the session, Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum confirmed commitments to strengthen border enforcement in response to Trump’s demands to curb immigration and drug smuggling.
Investors are also monitoring U.S. oil stockpile data for the week ending January 31, with expectations that crude inventories rose while gasoline and distillate supplies declined. The American Petroleum Institute (API) will release its report on Wednesday AEDT, followed by official data from the U.S. Energy Information Administration later in the week.
