WASHINGTON (dpa-AFX) - Oil prices were subdued on Wednesday, adding to the previous session's steep losses after U.S. President Donald Trump declared a national energy emergency to ramp up energy production.
Benchmark Brent crude futures dipped 0.3 percent to $79.60 in European trade while WTI crude futures were marginally lower at $75.78.
Trump's plan to maximize oil and gas production has raised concerns of higher U.S. output in a market widely expected to be oversupplied this year.
Focus also turned towards Trump's trade policy and its potential impact on crude supply and demand.
On Tuesday, Trump said that his team was discussing a 10 percent tariff on China from February 1 to curb the flow of deadly drug fentanyl that is being sent from China to the U.S. via Mexico and Canada.
China, one of the major consumers of crude oil in the world market, has been facing uncertainties and weak demand in post-pandemic recovery.
The Chinese Vice Premier, Ding Xuexiang, who addressed the World Economic Forum, said that there are no winners in a trade war and there is need for greater international economic cooperation.
Trump had earlier said that he plans to impose 25 percent tariffs on imports from Canada and Mexico with effect from February 1.
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