Early Wednesday trade saw minimal movement in oil prices as investors considered the effects on supply of U.S. President Donald Trump’s proclamation of a national energy emergency on his first day in office.
U.S. West Texas Intermediate crude futures (WTI) for March delivery fell 9 cents to $75.74, while Brent crude futures down 3 cents to $79.26 a barrel.
Trump announced a comprehensive plan on Monday to increase oil and gas production, which includes removing environmental regulations, withdrawing the United States from the Paris Climate Accord, and announcing a national energy emergency to expedite permitting.
Additionally, because Trump’s trade strategy was still unknown, investors continued to exercise caution. In contrast to his earlier pledge to enact 25% taxes on imports from Canada and Mexico on his first day in office, he stated that he was considering doing so starting on February 1.
The president of the United States also stated that his government will “probably” cease purchasing oil from Venezuela, one of the nation’s main suppliers.
Much of the United States remained in a perilous deep freeze on Tuesday as a rare winter storm pounded the U.S. Gulf Coast.
The state’s pipeline authority reported on Tuesday that severe cold weather and associated operational difficulties were expected to reduce North Dakota’s oil production by 130,000 to 160,000 barrels per day (bpd).
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