The price of Texas Intermediate oil (WTI) closed with a rise of 0.87 percent last Monday, February 3rd, reaching 73.16 dollars per barrel. The day started lower but stabilized after the announcement by the United States regarding the suspension of the 25 percent tariffs against Mexico for one month. Futures contracts for U.S. crude oil for delivery in March increased by 63 cents compared to Friday's close.
In a statement, U.S. President Donald Trump informed about the pause in tariffs on Mexican products that were set to take effect, thereby opening a period of negotiations between both countries. The participation of Secretary of State Marco Rubio and Treasury Secretary Scott Bessent, among other officials, is expected in the talks.
Following a conversation with Mexican President Claudia Sheinbaum, Trump highlighted Mexico's willingness to deploy 10,000 National Guard elements at the border to combat drug trafficking, specifically fentanyl, into the United States. These joint efforts are expected to help address these issues.
Over the weekend, tariffs of 25 percent were announced on most goods from Mexico and Canada, and 10 percent on Canadian petroleum products, in addition to a 10 percent tariff on Chinese imports. These decisions have caused tensions that could trigger retaliation among the affected countries.
Additionally, the market is awaiting the OPEC+ meeting this week, where more information is expected regarding the group's stance on U.S. sanctions on Russian oil and Donald Trump's request to reduce prices by the cartel.
