U.S. oil prices fell by more than $1 a barrel in early Asian trading on Tuesday after President Donald Trump took office and announced a plan to maximise U.S. oil and gas production by declaring a national emergency.

Brent crude oil futures remained above $80 a barrel on Tuesday after the US President, Donald Trump, announced his decision to increase crude oil production in the US on Monday.

Brent crude futures were down 35 cents, or 0.44%, at $79.8 a barrel by 07:05 a.m. GMT, while the most actively traded March contract for West Texas Intermediate crude was down 60 cents at $76.79 a barrel.

Oil prices eased in Asian trading on Tuesday as President Donald Trump announced measures to boost U.S. energy production and delayed new tariffs. Brent crude futures slipped 0.14% to $80.04 per barrel,