Oil prices were held in check on Thursday by threatened U.S. tariffs on Canadian and Mexican crude that could take effect this weekeend. Brent crude futures were up 27 cents at $76.85 a barrel at 11:05 a.

The Energy Information Administration (EIA), in its January Short-Term Energy Outlook, is forecasting global oil prices (Brent crude oil)

Oil edged lower as traders weighed the possible fallout from President Donald Trump’s planned tariffs on major US crude supplier Canada and other countries and reports OPEC will evaluate potential changes to America’s energy policy.

Oil prices fell on Wednesday, with the U.S. benchmark settling at its lowest year to date, after domestic crude stockpiles in the world's top petroleum producer and consumer rose more than expected last week.

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. Brent crude futures fell 2 cents to $77.