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London: Oil prices fell on Tuesday after traders assessed US President Donald Trump's plans to boost domestic oil and gas production and delay imposing new tariffs that were expected to be set immediately.
Brent crude futures dropped by 65 cents, or 0.81 percent, to USD 79.50 per barrel, while US West Texas Intermediate crude futures decreased by USD 1.15, or 1.48 percent, to USD 76.73 per barrel.
Economic analysts expressed relief that Trump did not focus on energy prices in his first statement, amidst reports of a 25 percent tariff on imports from Mexico and Canada in February, leading risk sentiments to turn.
While no new comprehensive trade measures have been imposed yet, Trump instructed federal agencies to investigate unfair trade practices by other countries.
He also laid out a comprehensive plan to accelerate oil, gas, and energy permits to further boost already high US energy production.
