Oil market under pressure from Washington's political moves

Oil prices are falling amid the US decision to postpone duties on goods from Mexico and Canada. April Brent futures fell to $75.06 (-0.90%) per barrel. March WTI futures fell to $71.77 (-1.39%) per barrel.

Canadian Prime Minister Justin Trudeau announced that Washington had postponed duties for Ottawa in exchange for measures to strengthen border controls. For Mexico, the imposition of duties was postponed for a month, as the country sent 10,000 troops to the border with the United States to combat illegal migration and smuggling of fentanyl.

The political instability caused by the actions of the Trump administration is increasing the volatility of the oil market. Experts note that key market factors are being overshadowed, while political measures such as tariffs are becoming decisive for the movement of oil prices.

In addition, on February 3, the OPEC+ Ministerial Monitoring Committee decided to maintain the current strategy. The meeting participants stressed the importance of fully complying with the current terms of the deal, as well as fulfilling compensation obligations for excess oil production recorded in a number of countries during the period of additional voluntary production restrictions.