"You've got to bring down the oil price, you've got to end that war. They should have done it long ago," President Donald Trump said.

As promised, President Donald Trump began reversing the country’s energy policies on his first day in office with a spate of orders largely favoring oil, gas and coal

Shares of energy companies fell sharply as oil futures gave back some recent gains in the wake of President Donald Trump's inauguration speech. Trump vowed to tap more U.S. oil resources, which spurred a selloff in oil due to anticipation of increased supply.

Crude futures were down and Pepperstone said Trump’s energy emergency declaration and push for energy independence are significant drivers of bearish momentum.