Oil prices settled lower on Thursday after U.S. President Donald Trump repeated a pledge to raise U.S. oil production, unnerving traders a day after the country reported a much bigger-than-anticipated jump in crude stockpiles.

There is no doubt there will be an impact of the second Trump presidency on the energy transition, but it is unlikely to have a lasting or significant shift to the

Prices jumped on concerns that U.S. tariffs against its major trade partners could disrupt supplies and raise prices at the pump.

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,