Oil prices gained over 1% on Thursday amid mixed signals from the Trump administration on tariffs. After United States Director of the National Economic Council Kevin Hassett said President Donald Trump will decide on tariffs following the publication of a study on April 1, Trump took to social media to confirm that tariffs on imports from Canada, Mexico and China will come into effect on March 4. Yesterday, Trump also decided to revoke Chevron Corp.'s deal with the Venezuelan government on oil extraction.

West Texas Intermediate (WTI) for deliveries in April improved by 1.51% at 9:10 am ET, going for $69.85 per barrel. Brent for settlements in April rose by 1.31% to sell for $73.68 per barrel at the same time.