Oil prices settled up on Tuesday, bouncing back from multi-week lows, after the White House reaffirmed U.S. President Donald Trump's plans to issue tariffs on Canadian and Mexican imports this week.

The Energy Information Administration (EIA), in its January Short-Term Energy Outlook, is forecasting global oil prices (Brent crude oil)

Oil prices edged higher but remained near a two-week low on Tuesday, as weak economic data from China and rising temperatures elsewhere dampened demand prospects. Supporting prices was a disruption of oil loading operations in Libya.