Shares of energy companies rose alongside oil futures as tariffs were seen as bolstering the outlook for prices.
Oil futures rose 0.9% to $73.16 a barrel on the New York Mercantile Exchange.
"The new U.S. import tariffs on Canada and Mexico will be mildly bullish for WTI, in our view, as Midwest refiners will need more domestic light barrels to replace more expensive [Canadian and Mexican] blends," said strategists at brokerage BNP Paribas.
U.S. refiners may cut production as a result, but that could drive up the price of gasoline and squeeze profits for U.S. drillers.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
02-03-25 1746ET
