Oil found some support Thursday from an increase in Saudi Arabia’s crude prices for Asian buyers, which implied strength in crude demand. But a hefty rise in last week’s U.S. supplies and uncertainty surrounding tariff disputes helped weaken the outlook for crude demand.

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

Oil prices edged up on Thursday after Saudi Arabia raised prices for March. However, the previous day’s decline in benchmark Brent prices was the largest in almost three months, and the increase was insignificant in comparison.