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.

Oil prices fell on Tuesday after US President Donald Trump declared a national energy emergency on his first day in office, raising concerns of higher US output in a market widely expected to be oversupplied this year.

Oil prices fell on Tuesday after U.S. President Donald Trump declared a national energy emergency on his first day in office, raising concerns of higher U.S. output in a market widely expected to be oversupplied this year.

Though largely symbolic, President Trump’s declaration of an “energy emergency” could throw a wrench in renewable energy development and will cut into the Endangered Species Act

President Donald Trump launched a sweeping overhaul of US energy policy hours after taking office Monday, putting the weight of the federal government behind fossil-fuel production and pulling back from the fight against climate change.

Oil prices fell on Tuesday as investors assessed U.S. President Donald Trump's plans to apply new tariffs later than expected while boosting oil and gas production in the United States. Brent crude futures were down 65 cents,

Trump said In his inaugural address that the US has "the largest amount of oil and gas of any country on Earth, and we are going to use it."