WASHINGTON (dpa-AFX) - Oil futures settled marginally higher on Thursday on a likely drop in supplies amid a potential tariff on Canadian and Mexican goods from February 1.
Oil prices were also supported by a weaker dollar and reports of lower supplies from Russia's Baltic Sea port of Ust-Luga due to damage from Ukrainian drone strikes.
West Texas Intermediate crude oil futures for March ended higher by $0.11 or about 0.15% at $72.73 a barrel.
Recent data from the Energy Information Administration (EIA) showing an increase in inventories in the U.S. last week limited oil's upisde.
The data said commercial crude oil inventories in the U.S. increased by 3.5 million barrels during the week while total motor gasoline inventories increased by 3 million barrels from last week.
Markets now look ahead to a ministerial meeting by the Organization of the Petroleum Exporting Countries and its allies, together called OPEC+, scheduled for Feb. 3.
The oil cartel is expected to go ahead with a plan to start returning 2.2 million bpd of voluntary production cuts with 122,000 bpd monthly increase from April 2025.
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