06-07-2018 01:00 PM

Oil prices weighed heavy on Friday as propel of import tariffs are planned to be exercised later in the day as U.S. President Trump established on Thursday that excise on $34 billion worth of Chinese goods would start at 12:01AM ET (04:01 GMT) this morning.

Trump told the media that an additional $16 billion is likely to go into outcome in two weeks, and that he is bearing in mind to entail additional tariffs on $500 billion in Chinese goods in case Beijing strikes back.

Crude Oil was trading at $73.20 at the time of preparing this report.

According to the EIA report – The U.S. crude imports increased by 1.4 million barrels per day (bpd), whereas the refinery operations dropped to 97.1% from 97.5% a week earlier. Inventories of U.S. crude increased by 1.245 million barrels for the week ended June 30, perplexing outlook for a draw of 5.20 million barrels.

Gasoline inventories dropped by 1.505 million barrels, defeating outlook for a draw of 0.817 million barrels, while supplies of distillate increased by 0.134 million barrels, against prospect for a draw of 0.545 million barrels.

U.S. oil production stayed steady at 10.9 million bpd, according to the EIA.