Washington: Oil prices stabilized on Wednesday, recovering from their lowest levels in several weeks, after the White House confirmed US President Donald Trump's plans to impose tariffs on Canadian and Mexican imports this week. Concerns about weak demand linked to weak economic data from China and high temperatures elsewhere limited gains.

According to National Iraqi News Agency, Brent crude futures fell 2 cents to $77.49 a barrel, while US West Texas Intermediate crude futures rose 3 cents to settle at $73.80. In his speech broadcast from Washington, DC, Trump called for lower oil prices and lower interest rates globally.

The White House stated that Trump still plans to impose 25% tariffs on Canada and Mexico on Saturday while considering new tariffs on China.