Crude oil futures ended lower on Tuesday after U.S. President Donald Trump's plans to boost oil and gas production in the U.S. Trump said that he would declare a national energy emergency aimed at boosting U.S. oil and gas production and bringing prices down. 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.
Benchmark crude oil futures for February fell $1.99 or 2.56 percent to settle at $75.89 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $0.86 or 1.07 percent to settle at $79.29 a barrel on London's Intercontinental Exchange.