Oil prices ease as US tariffs on Mexico paused for a month

Oil prices edged lower on Monday after rising more than $1 earlier in the session after the United States and Mexico announced a month-long pause on tariffs the U.S. had slapped on its southern neighbour.

U.S. President Donald Trump had imposed tariffs on Canada, Mexico and China to take effect from Tuesday, raising fears of supply disruption.

Brent crude futures were down 14 cents, or 0.2%, at $75.49 a barrel by 10:57 a.m. ET (1557 GMT), having earlier touched a peak of $77.34.

U.S. West Texas Intermediate crude futures were down 4 cents, or 0.01%, at $72.49 after climbing as much as 3.7% earlier in the session to reach their highest since Jan. 24 at $75.18.

U.S. President Donald Trump on Monday said he would pause tariffs planned for Mexico and that negotiations would continue to reach a "deal" between the two countries.

Mexican President Claudia Sheinbaum said U.S. and Mexico teams have started to work on Monday on security and business, adding that she proposed the pause in tariffs to Trump.