WTI crude oil gave up recent streak of gains after Trump's administration claimed to push for more oil and gas production as well as consumption in the United States. Trump announced on Monday that he would immediately declare a national energy emergency, promising to fill up strategic reserves and use the authority to rapidly approve new oil, gas, and electricity projects that would normally take years to get permits. Easing tension in the Middle East also limited gains in the commodity, pushing the counter lower by 0.71% to $76.84 per barrel.

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