"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.

Oil futures ticked lower Friday, contributing to a loss for the week, but prices looked to post a gain for the month as traders awaited a tariff decision by President Donald Trump on crude imports from Canada and Mexico.

President Trump on Friday said the U.S. will impose tariffs on oil and gas imports, likely next month, as well as tariffs on CHIP semiconductor technology and pharmaceuticals eventually. "Eventually,