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.

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.