Mumbai, Feb. 3 -- Crude oil rose above $74 per barrel after the U.S. imposed steep tariffs-25% on Canada and Mexico, and 10% on China-raising fears of supply disruptions. In response, Canada and Mexico vowed countermeasures, while China plans a WTO lawsuit. The escalating trade tensions could weigh on global economic growth, pressuring energy demand in the long run. Meanwhile, China's factory activity slowed in January, signaling weaker industrial output and adding to oil market uncertainties. Despite the price jump, concerns over a prolonged trade war may cap further gains. Domestic energy futures for February delivery jumped more than 2% to hit days high of Rs 6483 per barrel.
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