Crude oil futures ended lower on Wednesday, magnify last session’s losses, as tariff threats by U.S. President Donald Trump, and concerns about possible excess supply in the market due to the Trump administration's plan to maximize oil and gas production. Trump said that his team was discussing a 10% 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.
Benchmark crude oil futures for March fell $0.39 or 0.5 percent to settle at $75.44 a barrel on the New York Mercantile Exchange. Brent crude for March delivery dropped $0.29 or 0.37 percent to settle at $79.00 a barrel on London's Intercontinental Exchange.