Oil ends lower as Trump's output and tariffs plans fuel supply uncertainty
Oil futures ended lower on Tuesday as traders weighed prospects for crude supplies after President Donald Trump vowed to boost already record U.S. crude output, threatened to implement a steep tariff on Canadian imports and called for replenishing the Strategic Petroleum Reserve.
West Texas Intermediate crude for February delivery fell $1.99, or 2,6%, to end at $75.89 a barrel on the New York Mercantile Exchange on the contract's expiration day. The March contract, which is now the front month, lost $1.56, or 2%, to $75.83 a barrel. WTI futures didn't settle Monday due to the Martin Luther King Jr. Day holiday.
March Brent crude, the global benchmark, declined 86 cents, or 1.1%, to $79.29 a barrel on ICE Futures Europe.
February gasoline shed 1.3% to $2.08 a gallon, while February heating oil lost 2.4% to $2.56 a gallon.
Source: Marketwatch
