Oil prices steadied on Wednesday as investors weighed the impact of potential U.S. tariffs on Canadian and Mexican imports, while largely shrugging off an increase in U.S. weekly crude inventory.

The Energy Information Administration (EIA), in its January Short-Term Energy Outlook, is forecasting global oil prices (Brent crude oil)

Oil prices were edging lower in early trade amid U.S. President Donald Trump's call for OPEC to cut prices and swift trade moves rattling markets. Brent crude and WTI were both down 0.2% to $77.39 and $74.

Saudi Arabia's energy minister and several of his OPEC+ counterparts have held talks following U.S. President Donald Trump's call for lower oil prices and ahead of a meeting next week of OPEC+ oil-producing countries,

Oil prices settled up on Tuesday, bouncing back from multi-week lows, after the White House reaffirmed U.S. President Donald Trump's plans to issue tariffs on Canadian and Mexican imports this week.

By Newsbase 'Right now the price is high enough that that war will continue,' Trump said at Davos. WHAT: Trump is seeking OPEC support to bring down oil prices. WHY: The US President said lower oil prices would bring about a faster end to Russia’s war in Ukraine.

According to Reuters, Brent crude futures fell by 53 cents, or 0.68%, to $77.97 per barrel, after rising 21 cents on Jan. 24. West Texas Intermediate (WTI) crude in the U.S. dropped by 50 cents, or 0.

Oil prices slipped on Monday after U.S. President Trump called on OPEC to reduce prices following the announcement of wide-ranging measures to boost U.S. oil and gas output in his first week in office.

Oil prices experienced a decline on Monday, after US President Donald Trump’s public call for OPEC to lower prices. This statement from Trump followed the announcement of extensive measures to increase US oil and gas production.