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Oil prices jumped Thursday as traders assessed the impact of potential tariffs on Canadian oil imports after President Trump said levies against Canada and Mexico would go into effect next week, adding to supply worries following the announced cancelation of Chevron's license to operate in Venezuela.

While an economic downturn may not be right around the corner, there's always the chance of one coming. Should a downturn affect how you invest your money? GOBankingRates reached out to the experts to...

The cancellation of a license for Chevron to operate in Venezuela could lead to the negotiation of a fresh agreement between the U.S. producer and state company PDVSA to export crude to destinations other than the United States, sources close to the talks said. U.S. President Donald Trump said on Wednesday he was reversing the license, accusing President Nicolas Maduro of not making progress on electoral reforms and migrant returns. U.S. Secretary of State Marco Rubio later said on X he would provide foreign policy guidance to terminate all oil and gas licenses to companies operating in Venezuela "that have shamefully bankrolled the illegitimate Maduro regime".

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Kansas City Fed president Jeff Schmid warned about the lessons of the 1970s as he expressed new worries about rising consumer expectations of future inflation.

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U.S. economic growth slowed in the fourth quarter, the government confirmed on Thursday, and the loss of momentum appears to have persisted early this quarter amid cold temperatures and concerns that tariffs will hurt spending through higher prices. Economists polled by Reuters had expected that GDP growth would be unrevised. GDP growth was revised up by less than 0.1 percentage point, which after rounding matched the 2.3% rate that was estimated last month.