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Oil Perks Up As US tips, it can delay Mexico tariffs




Oil prices rose on Thursday afternoon after reports showed that the US might consider delaying the tariffs it has threatened to impose on its Latin American neighbor, according to Bloomberg .

The threat of tariffs for Mexico's goods came as US President Donald Trump is attempting to stop the migration of immigrants entering the United States.

WTI managed 3:12 EST and traded up $ 0.99 to $ 52.67 (+ 1.92%). while Brent crude traded up $ 1.14 at $ 61.77 (+ 1.88%).

Earlier, Trade Minister Carlos Gutierrez said he expected the 5% version of the tariffs to be imposed on Monday, because Mexico would not have had time over the weekend to come up with an immigration plan, according to CNBC.

Art Cashin from UBS Financial Services told CNBC on Thursday that the market would tolerate the tariff imposed on Mexico ̵[ads1]1; it just wouldn't tolerate it if it lasts. He expects tariffs to last no longer than one week.

"They assume that it may be too late to either postpone it or change it so that they are imposed. But they assume they will come out within a week," Cashin tells CNBC.

The original plan was to raise tariffs to 25% in October, with rising increases if Mexico failed to implement a plan to stop immigrants from flooding to the United States.

Related: Oil only had the worst run since 2008

The United States imported an average of 712,000 barrels per day of crude oil and petroleum products in March 2019, according to Energy Information Administration (EIA ), most of which are crude oil. The value of oil imported from Mexico to the United States amounted to about $ 15 billion in 2018.

(Click to enlarge)

US refineries rely on on this Mexican crude – which is of great variety – especially now that its other sources such as Venezuela – also heavy crude – have dried up. Canada supplies – also heavy crude oil – are also maxed out already thanks to their pipeline constraints. While Saudi Arabia also produces heavy oil, it has reduced its shipments to the United States, in line with the desire to adhere to the production quota it was posted as an OPEC member.

By Julianne Geiger for Oilprice.com

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