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Oil tumbled after Trump's resignation boosted fears of a trade war
Oil prices fell on Wednesday, weighed down by a drop in market stocks after Gary Cone, economic adviser to US President Donald Trump and a free trade hawker, resigned, raising concerns about Washington's move to impose import tariffs and a trade war.
Traders said the rise in US production and the increase in inventories had an impact on crude prices.
US economic adviser Gary Koon, who was considered an opponent of trade protectionism within the US administration, announced his resignation on Tuesday, prompting futures on the S & P 500 to fall more than 1 percent today.
By 0747 GMT, Brent crude futures were up 53 cents, or 0.8 percent, from the last settlement to $ 65.26 a barrel.
US WTI futures fell 46 cents, or 0.7 percent, to $ 62.14 a barrel.
Major economies, including the European Union and China, have warned that such tariffs could ignite a global trade war, which could undermine economic growth and hence oil consumption.
Traders said oil prices were also affected by an increase in US crude inventories.
Oil inventories rose 5.661 million barrels last week to 426 million and 880 barrels, data from the US Petroleum Institute showed on Tuesday.
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