Oil fell after China said it would levy tariffs on $50 billion of USA imports in retaliation against measures by President Donald Trump, fanning concerns that economic growth and fuel demand could be hurt.
Brent for June settlement lost $1.11 to $67.01 a barrel on the London-based ICE Futures Europe exchange, after adding 48 cents on Tuesday.
May WTI crude oil futures settled at $63.51, up $0.50 or +0.79%.
Futures in NY slipped as much as 2.1 percent to the lowest intraday price since March 20.
Oil prices fell on Wednesday after China said it would impose tariffs on a number of USA goods including agricultural products, raising the prospect of a growing trade war that could impact global growth.
The West Texas Intermediate for May delivery dropped 1.93 USA dollars to settle at 63.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 1.70 dollars to close at 67.64 dollars a barrel on the London ICE Futures Exchange.
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Rain eases to showers overnight and Friday looks mainly dry through the Capital Region - a welcome break between systems. Lows will warm from the low to mid 30s Saturday night to the upper 40s to low 50s by the middle of next week.
Hitting back on the Trump administration's plan to levy tariffs on $50 billion-worth of its goods, China proposed duties on U.S. imports including soybeans, aircraft, cars and chemicals.
The US Energy Information Administration (EIA) released its weekly petroleum status report Wednesday morning showing that US commercial crude inventories decreased by 4.6 million barrels last week. The main pressure on prices this week has been the fear of a trade war between China and the US.
Oil prices slid Wednesday morning, following global equities lower amid an escalating trade row between the US and China.
As U.S. production levels sore, the country is exporting more of its own oil and importing less from foreign sources. Analysts had forecast a decline of 1.134 million barrels.
The correlation between oil and equities remains strongly positive, meaning a drop on the stock market is likely to be echoed by crude futures. Opec and other producers are collectively curbing 1.8-million barrels per day (bpd) of crude output to help eliminate a glut in oil inventories. The reason is the low exports from Angola and the temporary problems in Libya.
The energy minister of OPEC member Qatar told Reuters that the organization and its allies should maintain supply cuts, which are set to run until the end of 2018.