New York oil prices fall on Trump tariff threat, U.S. production plan

International oil prices fell for a third day on U.S. President Donald Trump's threat of tariffs and the announcement of a plan to increase U.S. energy production.

On the New York Mercantile Exchange, West Texas Intermediate for February delivery closed at $75.89 a barrel, down $1.99 and 2.56% from the previous session.

Brent crude oil for March delivery, which is subject to international market comparisons, also fell $0.86 and 1.07% to $79.29 a barrel from the previous session, falling for the fourth consecutive trading day.

Canada responded to Trump's threat of tariffs on Mexico and Canada with retaliatory tariff notices, raising concerns about a possible trade war, and even slowing global economic growth, driving down international oil prices.

Also affecting international oil prices was Trump's announcement of an energy emergency in his inauguration speech and his insinuation of energy regulations, saying he would drill oil to his heart's content to lower prices and export it around the world.