On January 31st, oil prices fell in the US session, and the market is waiting to see if US President Trump will follow through on his promise to impose tariffs on Mexico and Canada on Saturday. PVM analyst Tamas Varga said that oil prices are pressured by the potential negative economic impact of the US tariffs on Canada and Mexico, adding that the tariffs could lead to a rise in the dollar, which in turn weighs on oil prices. Canada and Mexico are the two countries that export the most crude oil to the United States, but it is unclear whether oil will be included in the scope of the tariffs. Trump said on Thursday that he will soon decide whether to exclude oil imports from Canada and Mexico from the tariffs. Energy Aspects analyst Gallarati said the tariffs could lead to production cuts at large US refineries. "Our baseline expectation is that if tariffs are announced, they will include a grace period for negotiations and ultimately oil may be excluded from any tariffs," Mr. Gallarati added, adding that markets were also awaiting Monday's OPEC + meeting.