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Oil falls as demand expectations are negatively affected by trade disputes
Oil prices fell on Friday on fears that a deepening trade dispute between Washington and Beijing would hinder global growth and demand for fuel, even as the re-imposition of US sanctions on Iran is expected to cause shortages.
By 0621 GMT, the benchmark Brent crude futures contract was down 18 cents, or 0.3 percent, to $ 71.89 a barrel from the previous close.
US West Texas Intermediate crude futures fell 25 cents, or 0.4 percent, to $ 66.56 a barrel.
Prices have fallen as global growth slows because of rising trade tensions.
Over the course of the week, Brent is down about 2 percent, while WTI is moving down about 3 percent.
In the latest round of tariffs, China said it would impose a 25 percent surcharge on US imports worth $ 16 billion.
Although crude oil has been removed from the list of Chinese-targeted goods and replaced with refined petroleum products and liquefied petroleum gas (LPG), many analysts say China's imports of US oil will fall sharply.
Growing global trade tensions have led to a decline in the currencies of large emerging economies such as India, Turkey and China.
The devaluation of these currencies has led to an increase in the cost of oil imports, which are traded in US dollars, which may adversely affect demand.
As prospects for demand worsen, supplies could ease as US sanctions are re-imposed on Tehran, which will include oil exports from November.
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