Oil trims gains as OPEC+ meeting results weigh

Oil drilling rigs

Oil prices pared gains today, Feb. 3, as markets weighed the potential fallout from the US administration's imposition of higher tariffs on Canada, Mexico and China, amid concerns that the trade war could squeeze demand.

WTI crude futures for March delivery rose 0.9%, or 63 cents, to $73.16 a barrel, after touching $75.18 during the session.

Brent crude futures for April delivery gained 0.4%, or 29 cents, to $75.96 a barrel, after touching $77.34.

This comes after OPEC+ ministers confirmed their current oil production plans, which include gradually increasing supplies starting next April, noting that voluntary production cut plans have ensured stability in the energy market.

President Donald Trump signed an executive order imposing additional tariffs of 25% on imports from Canada and Mexico, and 10% on imports from China, but he targeted Canadian oil and gas imports with a reduced tariff of 10%.