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Crude oil futures end lower as Trump's plans to boost oil and gas production

22 Jan 2025 Evaluate

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.