US President Donald Trump signs documents issuing executive orders in the Oval Office of the White House on Inauguration Day in Washington, US, January 20, 2025.
Carlos Barria | Reuters
According to the president, American crude oil fell by more than 2% on Tuesday. Donald Trump is considering imposing tariffs on key trading partners while promising to increase domestic energy production.
American oil crude oil lost $1.99, or 2.56%, to close at $76.89 a barrel, while the global benchmark Brent fell 86 cents, or 1.07%, to $79.29 per barrel.
Trump said after his inauguration on Monday that his administration was considering the possibility imposition of 25% customs duties for Canada and Mexico. Tariffs have the potential to slow economic growth and impact fuel demand.
The president also issued a series of executive actions aimed at increasing domestic fossil fuel production. Trump declared national energy crisissought to lift Biden-era restrictions on offshore drilling and lifted the suspension on exports of new liquefied natural gas.