U.S. President Donald Trump signs documents as he issues executive orders in the Oval Office of the White House on Inauguration Day in Washington, U.S., January 20, 2025.
Carlos Barria | Reuters
US crude fell more than 2% on Tuesday, as President Donald Trump weighs imposing tariffs on key trading partners while promising to boost domestic energy production.
American oil Oil fell $1.89, or 2.4%, to $75.99 a barrel by 8:29 a.m. ET, while the global benchmark Brent it fell by $1.30, or 1.6 percent, to $78.89 per barrel.
Trump said after his inauguration on Monday that his administration was considering imposition of customs duties of 25%. about Canada and Mexico. The president also issued a series of executive actions aimed at encouraging domestic production of fossil fuels.
Trump stated a national energy emergencyhe tried to reverse Biden-era restrictions on offshore drilling and lifted a freeze on new liquefied natural gas exports.
