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.