WASHINGTON (dpa-AFX) - Oil prices fell sharply on Tuesday after U.S. President Donald Trump launched a sweeping overhaul of U.S. energy policy, with plans to boost oil and gas production in the U.S.
Benchmark Brent crude futures fell 0.9 percent to $79.46 a barrel in European trade, while WTI crude futures were down 1.7 percent at $76.04. The U.S. oil market was closed on Monday due to a public holiday.
Markets are grappling with a mixed set of signals from Trump. He delayed tariff plans on Chinese goods but threatened to impose tariffs on two of US' immediate neighbors - Canada and Mexico.
Trump also ordered his administration to address unfair trade practices globally.
In his inaugural address, Trump said that he would declare a national energy emergency aimed at boosting U.S. oil and gas production and bringing prices down.
'The inflation crisis was caused by massive overspending and escalating energy prices, and that is why today I will also declare a national energy emergency. We will 'Drill, baby, drill!' Trump said.
The new strategy to export American energy all over the world has raised concerns about oversupply in already competitive markets.
Oil prices were also under pressure from a firmer dollar, which partially rebounded today after sliding the day before.
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