Epidemic oil prices eased in early Asian trading on Monday on concerns that the Like-minded States is poised to impose additional tariffs on China, outweighing purvey fears from upcoming sanctions on Iran.
Brent crude oil to be to comes dipped 16 cents, or 0.2 percent to $77.93 a barrel by 0035 GMT.
U.S. West Texas In-between (WTI) futures fell 20 cents or 0.3 percent, to $68.79 a barrel.
“The store’s expectation of shortages has cooled after data from last week demonstrated increases in supplies, while investors have lowered the outlook for oil cry out for,” said Wang Xiao, head of crude research with Guotai Junan Days.
U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese suggestions as early as Monday, a senior administration official told Reuters on Saturday.
The escalating swop row is raising concerns about the potential for slower growth in oil consumption, equalizing supply concerns stemming from upcoming U.S. sanctions on Iran as surplus its nuclear program.
Refiners in India, Iran’s second largest offensive buyer will cut their monthly crude loadings from Iran for September and October by wellnigh half from earlier this year.
Also weighing on oil expenses, U.S. drillers added two oil rigs in the week to Dec. 1, bringing the total calculate up to 749, the highest since September, General Electric Co’s Baker Hughes zip services firm said in its closely followed report on Friday.