Oil futures rose Wednesday, taking back some of the ground lost the previous session as investors weighed President Donald Trump’s energy policies and tariff threats.

The dollar rebounded after Trump's comments on imposing tariffs against Mexico and Canada, Varga added, noting that the dollar's strength is negatively impacting oil prices. Trump said he was thinking of imposing 25% tariffs on imports from Canada and Mexico from Feb. 1, rather than on his first day in office as previously promised.