Oil prices closed lower on Friday, and the weekly chart also fell. Investors are waiting for the United States to announce a 25% tariff on imported goods from Canada and Mexico on Saturday.

The March Brent crude oil futures, which expire on Friday, fell 11 cents to settle at $76.76 per barrel. The next month's futures, which are more actively traded, fell 31 cents to $75.58 per barrel. US crude oil futures closed down 0.3% at $72.53. This week, Brent crude oil and US crude oil fell by 2.1% and 2.9% respectively, marking the second consecutive week of decline.

Reuters reported earlier, citing three sources familiar with the tariff review, that Trump will announce new tariffs on goods imported from Canada and Mexico on Saturday, but will take effect on March 1, and the measures will include a limited procedure to allow specific exemptions for certain imported goods.

However, White House spokesperson Levitt stated that Trump will announce a 25% tariff on imported goods from Canada and Mexico on Saturday, which will take immediate effect. She also stated that there is no "latest information or statement regarding exemptions that can be released".

Dennis Kissler, Senior Vice President of Trading at BOK Financial, stated that traders are waiting for the outcome of Trump's tariff threat as crude oil futures continue to fluctuate.

He added that many refineries in the Midwest of the United States use Canadian crude oil, and reduced flow may support fuel prices.

Canada and Mexico are the two largest crude oil exporting countries to the United States, but it is currently unclear whether oil will be included in the tariff scope. Trump said on Thursday that he will soon decide whether to exclude oil imports.

The market is still waiting for the OPEC+meeting scheduled for Monday. OPEC+representatives told Reuters that the alliance is unlikely to change its existing plan to gradually increase production, despite Trump urging OPEC and its de facto leader Saudi Arabia to lower oil prices.

Previously, Goldman Sachs analysts raised their Brent crude oil price forecasts for 2025 and 2026 by $2 in a report on January 30th, to $78 and $73 per barrel, respectively.

Although the uncertainty of US policies remains high, the oil price is expected to be in the range of $70-85 per barrel, taking into account the implementation of OPEC+production policies, Washington's policy goals of ensuring energy dominance and affordability of oil prices, as well as the management of US strategic crude oil reserves.

Goldman Sachs pointed out that if the crude oil supply from Iran and Russia decreases by 1 million barrels per day, Brent crude oil may briefly rise to $93.

Goldman Sachs analysts Samantha Dart and DaanStruyven stated in a report that regional pricing differences for commodities such as crude oil, copper, and aluminum indicate an 85% likelihood of the United States imposing a 10% tariff. They added that the likelihood of higher tariffs is low.

Analysts said, "Imposing tariffs on Canadian oil could lead to a temporary increase in gasoline prices in the Midwest region of the United States, which is not welcomed.