Trend Press / Agencies
LONDON (Reuters) - Brent crude futures and Western Texas Intermediate (WTI) futures fell as global markets were weighed down by fears of an impending US-China trade war.
In Asia, Shanghai crude futures opened their trading volumes aggressively as investors and commodity traders bought the latest global oil trading instrument.
But the specter of a full-scale trade war between the United States and China casts a shadow over the markets, hurting Asian stocks today.
The falls came after US President Donald Trump signed a memorandum last week that could impose tariffs on imports from China worth up to $ 60 billion.
Crude oil futures also fell 29 cents, or 0.4 percent, to $ 65.59 a barrel.
Brent crude futures were $ 70.23 a barrel, down 22 cents, or 0.3 percent.
Shanghai contracts jumped to 447.1 yuan ($ 70.88) a barrel shortly after its launch, then fell to close at 429.9 yuan ($ 68.15).
Crude has also come under pressure from a surge in the number of oil drilling plants operating in the United States to a three-year high of 804, signaling further output growth that has already jumped by a quarter since mid-2016 to 10.4 million bpd.