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.

Oil prices edged up on Thursday after Saudi Arabia raised prices for March. However, the previous day’s decline in benchmark Brent prices was the largest in almost three months, and the increase was insignificant in comparison.