Singapore January 22 2025: Oil prices dipped on Wednesday extending the previous session’s declines as markets weighed U.S. President Donald Trump’s declaration of a national energy emergency on his first day in office and eyed his tariff policies.
Brent crude futures fell 36 cents, or 0.5%, to $78.93 per barrel at 0730 GMT. U.S. West Texas Intermediate crude futures dropped 46 cents, or 0.6%, at $75.37.
The contracts settled lower on Tuesday after Trump laid out a sweeping plan to maximise oil and gas production, including declaring a national energy emergency to speed permitting, rolling back environmental protections, and withdrawing the U.S. from the Paris climate pact.
