Oil closes lower, Brent at $79

Oil drilling rigs

Oil prices closed with a decline today, Jan. 22, as investors assessed the outlook for US supplies after President Donald Trump declared an energy emergency to boost his country's crude and natural gas output.

Brent crude futures for March delivery fell by 0.35%, or 29 cents, to $79 a barrel. WTI crude futures for March delivery (the most active contract) slipped 0.5%, or 39 cents, to $75.44 a barrel.

“Trump’s policies are likely to turn the US into a net energy exporter, which will have lasting effects on global oil prices,” said Dilin Wu, Research Strategist at Pepperstone.

The American Petroleum Institute's report on oil inventories is expected to be released on Jan. 23, before the official data on inventories from the US Energy Information Administration is announced, amid expectations of a decline in crude inventories for the ninth week in a row.