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U.S. crude oil falls as Trump weighs tariffs, aims to boost energy production

U.S. President Donald Trump beckons documents as he issues executive orders in the Oval Office at the White House on Inauguration Day in Washington, U.S., Jan. 20, 2025. 

Carlos Barria | Reuters

U.S. unprocessed oil fell more than 2% on Tuesday, as President Donald Trump weighs imposing tariffs on key trade partners while give ones solemn word of honouring to boost domestic energy production.

U.S. crude oil lost $1.99, or 2.56%, to close at $76.89 per barrel, while extensive benchmark Brent fell 86 cents, or 1.07%, to settle at $79.29 per barrel.

Trump said after his inauguration Monday that his furnishing was considering imposing 25% tariffs on Canada and Mexico. Tariffs could potentially slow economic growth and striking fuel demand.

The president also issued a raft of executive actions aimed at boosting domestic fossil nutrition production. Trump declared a national energy emergency, sought to roll back Biden-era restrictions on offshore penetrating, and lifted the pause on new liquified natural gas exports.

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