WTI Crude Oil Holds Near $72.55 as Markets Await OPEC+ Decision & Tariffs

White House officials reaffirmed President Donald Trump’s plan to impose tariffs on Canadian and Mexican oil imports starting Saturday, unless both nations take steps to curb fentanyl trafficking.

The looming trade barriers add another layer of uncertainty for the energy market, particularly as Canada and Mexico collectively account for over 50% of U.S. crude imports. Meanwhile, Trump’s nominee for Commerce Secretary, Howard Lutnick, emphasized the administration’s intent to curb China’s influence in artificial intelligence, further complicating global trade dynamics.

With geopolitical risks mounting, traders are closely watching OPEC+ leaders, who will convene on February 3 to discuss global oil supply, market stability, and Trump’s push for increased U.S. production.

Rising U.S. Crude Stockpiles & Russian Export Cuts

On the demand side, U.S. crude inventories increased by 3.46 million barrels last week, aligning with expectations of a 3.19-million-barrel build. Winter storms across the country temporarily dampened domestic oil demand, leading to higher stockpiles.

• Crude inventories rose to 3.46 million barrels, slightly above estimates.

• Severe winter storms across the U.S. slowed fuel consumption.

• Russia plans to cut February crude exports by 8%, as new U.S. sanctions tighten supply.

In contrast, Russia’s decision to cut crude exports from its western ports by 8% in February signals a potential shift in supply trends. Moscow is diverting more oil toward domestic refining, a move that could further tighten global crude markets as U.S. sanctions squeeze Russian exports.

WTI Crude Oil Faces Key Resistance Levels

WTI crude remains locked in a descending channel, trading at $72.55, down 0.40%. The 50-day EMA at $74.44 continues to cap upside momentum, reinforcing the bearish trend.

• Immediate Resistance: $74.24 – A breakout could push prices toward $75.57 and $76.93.

• Immediate Support: $71.58 – A break lower may expose $70.50 and $69.47.

• Pivot Level: $72.95 – A critical zone for confirming the next move.

A sustained move above $74.24 could shift sentiment bullish, while failure to hold $71.58 may accelerate losses toward $70.50.