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.

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 prices finished with daily gains on Friday after new sanctions were imposed on Iran's crude exports but prices were down for the week as investors worried about U.S. President Donald Trump's renewed trade war on China and threats of tariffs on other countries.

Oil futures fell Wednesday, feeling pressure after industry data showed a large rise in U.S. crude inventories and as investors feared a U.S. -China trade battle will dent demand.

Oil prices moved up on Friday after new sanctions were imposed on Iran's crude exports but were hurt by U.S. President Donald Trump's renewed trade war on China and threats of tariffs on other countries.

Oil prices inched up on Friday but were still on track to record a third consecutive weekly loss, as prospects of a renewed trade war between the US and China raised concerns about crude demand growth.

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,