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Oil prices were under pressure on Friday as a raft of import tariffs are scheduled to be imposed later in the day.Crude Oil WTI Futures for August delivery were trading at $72.81 a barrel at 11:57AM ET (03:57 GMT), down 0.2%. Brent Oil Futures for September delivery, traded in London, were also down 0.31% at $77.15 per barrel. U.S. President Donald Trump confirmed on Thursday that tariffs on $34 billion worth of Chinese goods would kick-in at 12:01AM ET (04:01 GMT) on Friday morning.Trump told reporters that another $16 billion are expected to go into effect in two weeks, and that he is considering to impose additional tariffs on $500 billion in Chinese goods if Beijing retaliate.Chinese officials have said earlier that it would retaliate against Trump’s tariffs on Chinese goods and threatened a 25% tariff on U.S. crude imports, which could potentially make U.S. oil uncompetitive in China, forcing its refiners to seek alternative supplies.Also weighing on prices was a ramp up in imports led to an unexpected build in U.S. crude supplies.Net U.S. crude imports rose by 1.4 million barrels per day (bpd), while refinery operations slipped to 97.1% of capacity from 97.5% a week earlier, the EIA said on Thursday.
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