Oil futures rose Wednesday, taking back some of the ground lost the previous session as investors weighed President Donald Trump’s energy policies and tariff threats.

Oil prices settled lower on Monday after U.S. President Donald Trump was sworn in for a second time, and said he would immediately declare a national energy emergency, promising to fill up strategic reserves and export American energy all over the world.

Donald Trump is heading back to the White House, promising to turbocharge American fossil fuels by slashing red tape.

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.

President Donald Trump’s repeated threats to slap steep tariffs on Canada and other friendly nations have left Toronto with some of the world’s worst-performing oil and gas stocks.

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.

President Donald Trump launched a sweeping overhaul of US energy policy hours after taking office Monday, putting the weight of the federal government behind fossil-fuel production and pulling back from the fight against climate change.

Trump said In his inaugural address that the US has "the largest amount of oil and gas of any country on Earth, and we are going to use it."

U.S. crude oil was down $1.47, or 1.89%, to $76.41 per barrel by 12:06 p.m. ET, while global benchmark Brent fell 78 cents, or 0.97%, to $79.37 per barrel. Trump said after his in