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U.S. President Donald Trump signs documents during an executive order in the Oval Office of the White House on Inauguration Day in Washington, U.S., January 20, 2025.
Carlos Baria | Reuters
US crude fell more than 2% on Tuesday as the president Donald Trump is weighing tariffs on key trading partners while promising to boost domestic energy production.
USA is raw Oil was down $1.89, or 2.4%, at $75.99 a barrel by 8:29 a.m. ET, while the global benchmark Brent fell $1.30, or 1.6%, to $78.89 a barrel.
After Monday’s inauguration, Trump said his administration was looking into it introduction of 25% tariffs across Canada and Mexico. The president also issued a series of decrees aimed at increasing domestic production of fossil fuels.
Trump said a emergency situation in the countrytried to reverse Biden-era restrictions on offshore drilling and lifted a pause on new liquefied natural gas exports.
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