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US President Donald Trump signs documents as he issues executive orders in the Oval Office at the White House on Inauguration Day in Washington, US, January 20, 2025.
Carlos Barria Reuters
US crude oil fell by almost 2% on Tuesday, as President Donald Trump is weighing imposing tariffs on key trading partners while promising to boost domestic energy production.
crude US Oil was down $1.47, or 1.89%, at $76.41 a barrel at 12:06 pm ET, while the global benchmark Brent fell 78 cents, or 0.97%, to $79.37 a barrel.
Trump said after his inauguration on Monday that his administration was considering it impose fees of 25%. on Canada and Mexico. The president also issued a series of executive actions aimed at boosting domestic production of fossil fuels.
Trump declared a national energy emergencyhe sought to roll back Biden-era restrictions on offshore drilling, and lifted the moratorium on new liquefied natural gas exports.
