Trump's two major measures have pressured oil prices, but the oil market may rise in the future

On January 21, Trump announced a plan to increase U.S. oil and gas production and said he was considering imposing a 25% tariff on imports from Canada and Mexico from < b > February 1, while < b > not imposing it immediately , both of which are conducive to lower oil prices. U.S. and cloth oil futures were lower in the Asian session. However, in the future, tariffs on Canadian crude oil may push the market higher. Federal Bank analyst Vivek Dhar said that almost all of Canada's oil exports are sold to the United States, usually at discounted WTI prices. Therefore, the threat of tariffs from the United States increases the risk of higher costs for most of Canada's oil exports. In addition, Trump has also pledged to replenish strategic reserves, a move that could benefit oil prices by boosting demand for U.S. crude.