US crude futures down on Trump plan to boost fossil fuel output

BEIJING – U.S oil prices were down by more than USD 1 a barrel in early Asian trading on Tuesday from Friday’s close after President Donald Trump took office and announced a plan to maximize U.S. oil and gas production by declaring a national emergency.

The most actively traded WTI crude March contract CLc2 fell by USD 1.02 to USD 76.37 a barrel by 2356 GMT on Monday.

There was no settlement in the U.S. market for Jan 20 due to the Martin Luther King public holiday.

(Reporting by Colleen Howe; Editing by Jamie Freed and Sonali Paul)