International oil prices fall 1.3% on Trump's oil production forecast

International oil prices fell as U.S. President Donald Trump announced a "national energy emergency" and predicted an increase in oil and natural gas production in the U.S.

On the ICE Futures Exchange, Brent crude futures for March delivery were closing at $80.15 a barrel, down 64 cents or 0.8% from the previous session.

On the New York Mercantile Exchange, West Texas Intermediate crude futures for February delivery were down 99 cents and 1.3% at $76.89 a barrel as of 2:29 p.m. ET.

West Texas Intermediate crude futures did not produce closing prices for the U.S. Martin Luther King Day holiday.

Natural gas prices for February delivery also declined 1.4% on the New York Mercantile Exchange.

In his inaugural address, President Trump said he would declare a national energy emergency on his first day in office to expand oil and natural gas drilling altogether, stimulating expectations for increased crude oil supply.

"We will export energy around the world, lowering prices, refilling our strategic reserves," he said, stressing that oil is "liquid gold underfoot."

Yemen's Houthi rebels have also put downward pressure on international oil prices following a cease-fire with Israel and Palestinian militant Hamas that they say will stop attacks on British and American ships through the Red Sea.