WTI remains subdued around $70.00 amid concerns over global economic growth, fuel demand

• WTI price is on track for its first monthly decline since November, as concerns over fuel demand outweigh supply risks.
• The US will impose a 10% tariff on Canadian energy imports starting March 4.
• Oil prices surged on Thursday after President Trump revoked a license allowing US Oil giant Chevron to operate in Venezuela.

West Texas Intermediate (WTI) crude Oil price edges lower on Friday, trading around $69.90 per barrel during Asian hours, after posting gains in the previous session. Crude Oil prices are on track for their first monthly decline since November, as concerns over global economic growth and fuel demand--amid Washington's tariff threats and signs of a US economic slowdown--outweighed supply worries.

On Thursday, US President Donald Trump announced that his proposed 25% tariffs on Mexican and Canadian goods, including a 10% levy on Canadian energy imports, will take effect on March 4, alongside an additional 10% duty on Chinese imports.

Adding to investor concerns, the US Gross Domestic Product Annualized (GDP) Annualized slowed to 2.3% in Q4, down from 3.1% in Q3, in line with initial projections. Meanwhile, weekly jobless claims jumped by 22,000 to 242,000, reaching their highest level in over two months and signaling potential softening in the labor market. Investors now turn their focus to Friday's PCE price index report, the Federal Reserve's preferred inflation gauge.

However, Oil prices surged more than 2% on Thursday after Trump revoked a license granted to US Oil giant Chevron to operate in Venezuela. Chevron exports approximately 240,000 barrels per day from Venezuela, and the suspension could disrupt over a quarter of the country's oil output. The move may prompt negotiations for a new agreement between Chevron and Venezuelan state Oil company PDVSA to redirect crude exports to destinations other than the US, sources told Reuters.

Meanwhile, the OPEC+ (Organization of the Petroleum Exporting Countries and its allied members) is weighing whether to proceed with its planned oil output increase in April or maintain current levels. The group faces uncertainty due to fresh US sanctions on Venezuela, Iran, and Russia. OPEC+ typically finalizes supply decisions a month in advance, giving it until March 5-7 to confirm its April production strategy, though no consensus has been reached yet, according to Reuters sources.