Oil futures headed lower Tuesday as traders weighed President Donald Trump’s vow to boost already record U.S. crude output against the threat of a steep tariff on Canadian imports and a call to replenish the Strategic Petroleum Reserve.

Oil prices fell on Tuesday after U.S. President Donald Trump declared a national energy emergency on his first day in office, raising concerns of higher U.S. output in a market widely expected to be oversupplied this year.

Oil prices fell on Tuesday as investors assessed U.S. President Donald Trump's plans to apply new tariffs later than expected while boosting oil and gas production in the United States. Brent crude futures were down $1.