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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.
Prices found little support from an increase in Saudi Arabia's crude prices for Asian buyers, which implied strength in crude demand from the region.
-- West Texas Intermediate crude CL00 for March delivery CL.1 CLH25 fell 42 cents, or 0.6%, to settle at $70.61 a barrel on the New York Mercantile Exchange.
-- April Brent crude BRN00 BRNJ25, the global benchmark, lost 32 cents, or 0.4%, to end at $74.29 a barrel on ICE Futures Europe. Brent and WTI crude marked fresh settlement lows for the year.
-- March gasoline RBH25 added 1.2% to $2.07 a gallon, while March heating oil HOH25 rose 0.6% to $2.40 a gallon.
-- Natural gas for March delivery NGH25 settled at $3.41 per million British thermal units, up 1.4%.
The blue-chip Dow closed lower on Thursday, but stocks still were on pace to post weekly gains as a chaotic week on the tariff front was winding down.
The Dow Jones shed about 125 points, or 0.3%, closing near 44,747, according to preliminary data
The S&P 500 index finished up 0.4%
The Nasdaq Composite Index closed 0.5% higher
Trade war jitters led to a rough start to the week after President Trump announced 25% tariffs on Mexico and Canada over the weekend, but implemented a pause on Monday.
China still saw a new 10% trade tariff.
For the week so far, the Dow was up 0.5%, the S&P 500 0.7% higher and the Nasdaq was up 0.8%.
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