U.S. and global oil futures declined on Thursday as a hefty rise in last week’s U.S. supplies and uncertainty surrounding tariff disputes helped to weaken the outlook for crude demand, prompting prices to settle at their lowest levels of the year.

Thanks to abundant supply and fairly flat demand, oil prices are forecast to fall — unless tariffs and geopolitics get in the way.

"Despite the 'energy emergency' claims, the US is producing energy in record quantities," JPMorgan Asset Management wrote.

Oil futures on Wednesday marked their lowest settlement prices of the year, after official U.S. data showed a weekly climb of nearly 9 million barrels in U.S. crude inventories and as the U.S.-China trade battle threatened to dent demand.

President Trump’s tariff on Canadian oil is expected to raise prices at the pump for U.S. consumers, if it takes effect as planned after a 30-day delay. Analysts told The Hill that the 10 percent

Trump has delayed imposing 25% tariffs on Canadian and Mexican imports for 30 days following border security commitments from both nations.

Tariffs on oil imports mean higher costs for making finished fuels like gasoline, much of which is likely to be passed along to U.S. consumers.

Oil headed for a third weekly decline as President Donald Trump’s tariffs on China and his push for increased domestic production weighed on the demand outlook. West Texas Intermediate was steady near $71 a barrel,

Thursday closed down -0.42 (-0.59%), and March RBOB gasoline (RBH25) closed up +0.0240 (+1.17%). Crude oil and gasoline prices settled mixed on Thursday, with crude falling to a 5-week low. Crude gave up an early advance Thursday and turned lower as the dollar rallied and President Trump pledged to boost US oil