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At Close: Jun 05, 2026
Oil futures ticked lower Friday and were on track for weekly losses as traders awaited a decision by President Donald Trump on tariffs on imports from Canada and Mexico.

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Oil prices dip as Trump threatens tariffs on Canada & Mexico. Uncertainty over crude imports keeps markets volatile.
Sluggish demand from China and oversupply worries will keep oil prices anchored below $80 a barrel this year, a Reuters poll showed on Friday, although tougher U.S. sanctions on Russian crude and geop
U.S. President Donald Trump told reporters on Thursday that he would go ahead with long-threatened import tariffs on goods from Canada and Mexico. The duties will come into effect on Saturday, Feb. 1.
WTI crude remains under pressure below $73.50 as sellers dominate. Key support at $72.32; a break could drive prices toward $71.25.
Oil prices rose on Friday as markets weigh the threat of tariffs by U.S. President Donald Trump on Mexico and Canada, the two largest crude exporters to the U.S., that could take effect this weekend.
Oil prices dipped below trendline support, signaling short-term weakness. Key levels at $72.32 and $70.03 could determine the next move.
Oil traders focus on Trump's tariff plans and ECB Interest Rate Decision.
During the early hours of Thursday trading, though crude oil market looks as if it is trying to find some type of base at a couple of major support levels.
Crude oil futures test critical support as rising U.S. inventories and tariff threats weigh on sentiment. Will OPEC+ intervene?
Oil futures steadied Thursday, a day after the U.S. benchmark saw its lowest settlement of the new year.
British oil giant Shell on Thursday reported a significant drop in annual profit following a year of lower crude prices.
Oil and natural gas remain volatile as OPEC+ prepares for its policy meeting. Will supply cuts and tariffs drive prices higher?
Rising gasoline inventories served as an additional bearish catalyst for oil markets.
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