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Oil prices were rising early Wednesday, retracing some of the decline over the past five days as President Donald Trump promised to step up U.S. output with his mantra of “drill, baby, drill.”
Nevertheless, the overall impact of Trump’s new administration on oil prices and gasoline is unclear. The U.S. is already a net oil exporter, but it still imports a lot of crude and fuel from Canada.
On Monday, Trump said 25% tariffs on Canadian imports could come as soon as next month, which would probably bolster oil prices.
West Texas Intermediate, the U.S. benchmark, rose 0.7% to $76.40 a barrel. Brent crude, the international standard, was up 0.6%, at $79.78. WTI is still down more than 5% over the past five days.