U.S. cash crude prices were little changed on Friday, dealers said, as markets awaited proposed 25% U.S. tariffs on Mexican and Canadian goods early next week.
U.S. President Donald Trump on Thursday said his proposed 25% tariffs on Mexican and Canadian goods will take effect on Tuesday, along with an extra 10% duty on Chinese imports.
Trump has also announced the termination of an oil deal with Venezuela.
Fears of tightening heavy crude supplies along the U.S. Gulf Coast have boosted prices for medium sour grade Mars this week.
Meanwhile, U.S. energy firms this week cut the number of oil rigs by two, energy services firm Baker Hughes said. In February, the oil rig count increased by seven, the most in a month since November 2022.
In refining news, U.S. oil refiners are expected to have about 1.1 million barrels per day of capacity offline in the week ending February 28, increasing available refining capacity by 252,000 bpd, research company IIR Energy said.
* Light Louisiana Sweet (WTC-LLS) for April delivery eased 25 cents to a midpoint of a $3.75 premium and was seen bid and offered between a $3.50 and $4.00 a barrel premium to U.S. crude futures
* Mars Sour (WTC-MRS) eased 5 cents to a midpoint of a $2.1 premium and was seen bid and offered between a $1.90 and $2.3 a barrel premium to U.S. crude futures
* WTI Midland (WTC-WTM) was unchanged at a midpoint of a $1.05 premium and was seen bid and offered between a 95-cent and $1.15 a barrel premium to U.S. crude futures
* West Texas Sour (WTC-WTS) strengthened 2.5 cents to a midpoint of a 60-cent premium and was seen bid and offered between a 40-cent and 80-cent a barrel premium to U.S. crude futures
* WTI at East Houston (WTC-MEH), also known as MEH, traded between a $1.15 and $1.35 a barrel premium to U.S. crude futures
* ICE Brent April futures fell 86 cents to settle at $73.18 a barrel
* WTI April crude futures fell 59 cents to settle at $69.76 a barrel
* The Brent/WTI spread (WTCLc1-LCOc1) narrowed 14.0cents to last trade at minus $3.48, after hitting a high of minus $3.42 and a low of minus $3.64.
Source: Reuters