Brent declines towards $75 amid US trade tensions.

• Brent nears $75 amid Trump's tariff threats
   
• Trade tensions may weaken global oil demand
   
• Canada, Mexico crude supply uncertainty looms
   
• OPEC+ meeting on Feb 3, output levels likely intact until April
   

Brent declined on Friday (Jan 31) and is now trading close to $75 level amid President Trump’s recent tariff threats targeting Canada and Mexico, though it remains uncertain whether crude oil will be included.
 

Prolonged trade tensions could weaken global demand, potentially softening Brent’s position in the medium-term horizon.

While the President confirmed plans to impose tariffs on Canada and Mexico, he hinted that oil may still be exempt. Both, Canada and Mexico are major suppliers of crude to the United States, making the decision critical for energy markets.
 

Investors are also focusing on the upcoming OPEC+ meeting scheduled on February 3.

Recently, President Trump called on the group to lower oil prices.

Despite this, markets expect OPEC+ to maintain current production levels, with potential supply increases delayed until April 2025.

Rising oil prices this month were fueled by U.S. sanctions on Russia and colder-than-expected weather conditions in the United States, marking the second consecutive monthly gain for oil.