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

Crude oil prices fluctuated amid concerns over U.S. tariffs on Canadian and Mexican imports but are set to end the week lower.

U.S. consumers will see higher prices at the gas pump from President Donald's Trump's decision on Saturday to apply tariffs on Canadian and Mexican oil, according to analysts and fuel traders. The likely hike in fuel prices reflects the double-edged nature of Trump's trade protections which are designed to bolster domestic business and pressure U.