TEHRAN, February 04 (MNA) – Oil prices retreated on Tuesday as Donald Trump paused for a month a decision on steep tariffs on Mexico and Canada, the US' biggest foreign oil suppliers, while prospects of higher OPEC+ supplies from April also weighed.Brent futures fell 50 cents, or 0.7%, to $75.46 a barrel by 0432 GMT, while US West Texas Intermediate (WTI) crude declined 89 cents, or 1.2%, to trade at $72.27.

Both Canadian Prime Minister Justin Trudeau and Mexican President Claudia Sheinbaum said they had agreed to bolster border enforcement efforts in response to Trump's demand to crack down on immigration and drug smuggling, Reuters reported.

That would pause for 30 days tariffs of 25%, with a 10% tariff on energy imports from Canada, that had been set to take effect on Tuesday.

The Organization of the Petroleum Exporting Countries and its allies, a group known as OPEC+, discussed on Monday a call by Trump to raise production but agreed to stick to its policy of gradually raising oil output from April.

Trump plans to speak with Chinese President Xi Jinping as soon as this week, the White House said, as a 10% duty on all China goods is set to take effect later on Tuesday.

On the demand side, investors will be looking out for weekly US oil stockpile data for the week to January 31.

[EIA/S] Analysts polled by Reuters expected that crude inventories rose, while gasoline and distillate inventories probably fell.

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