Crude oil edged lower Wednesday after President Trump expanded his tariff threats to include a 10% levy on China and the European Union - two of the world's top energy markets - following his plans to impose tariffs as high as 25% on goods from Canada and Mexico - which are major crude suppliers to the U.S.

U.S. crude oil was down $1.89, or 2.4%, to $75.99 per barrel by 8:29 a.m. ET, while global benchmark Brent fell $1.30, or 1.6%, to $78.89 per barrel. Trump said after his inaugura

The fossil fuel industry has shown no interest in a big boost to production, but it welcomes plans to roll back environmental regulations.

Crude oil purchases by Indian Oil Corp. may shift as the new US sanctions on Russia affect supplies from Moscow, pushing the South Asian country’s biggest refiner to seek alternatives.

Middlemen supplying Russian oil are not offering cargoes due to new U.S. sanctions targeting Russian producers, tankers and insurers, according to the finance chief at Indian refiner Bharat Petroleum.

India's state-run refiner Bharat Petroleum Corp sees its Russian oil processing down to 20% in March from 31% this month as it awaits offers from traders, its head of finance Vetsa Ramakrishna Gupta told an analyst call on Thursday.