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.

Oil prices settled slightly higher on Friday but posted a weekly decline, ending four straight weeks of gains, after U.S. President Donald Trump announced sweeping plans to boost domestic production while demanding that OPEC move to lower crude prices.

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.

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.

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.