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.

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 tariff set to be imposed under an executive order Trump signed over the weekend would lead to a pricing bump,

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.

(Reuters) - Oil prices rose on Monday after U.S. President Donald Trump imposed tariffs on Canada, Mexico and China, raising fears of supply disruption, though gains were capped by concern over what could be an economically damaging trade war.

Oil prices on the New York commodity exchange are falling after China imposed tariffs on American goods, including oil and liquefied natural gas. In addition to concerns about a trade war, investors are also worried about U.

Oil prices on the New York commodity exchange are dropping after China imposed tariffs on American goods, including oil and liquefied natural gas. Brokers report that investors are also worried about US sanctions on Iran.