WASHINGTON (dpa-AFX) - Oil prices tumbled on Tuesday, weighed down by U.S. President Donald Trump's plans to boost oil and gas production in the U.S.
West Texas Intermediate Crude oil futures for February closed down $1.99 or about 2.56% at $75.89 a barrel.
Brent crude futures settled at $79.29 a barrel, down $0.86 or about 1.07% from previous close.
Trump, who took charge as the 47th President of United States on Monday, signed a slew of executive orders. Though he delayed tariff plans on Chinese goods, he threatened to impose tariffs on two of US' immediate neighbors - Canada and Mexico.
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.
Investors now await weekly oil reports from the American Petroleum Institute and the Energy Information Administration.
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