Ripples Advisory, Oil markets tense as US and China on brink of trade war
US West Texas Intermediate (WTI) crude futures were down 6 cents, or 0.1 per cent, at $72.88 per barrel.
Oil markets opened cautiously lower on Friper centad of a raft of import tariffs set to be imposed later in the day by the world's two biggest economies, the United States and China.
International Brent crude oil futures were at $77.18 per barrel at 0043 GMT, down 21 cents, or 0.3 percent, from their last close.
US West Texas Intermediate (WTI) crude futures were down 6 cents, or 0.1 percent, at $72.88 per barrel.
The United States has announced the introduction of tariffs on Chinese goods, which are planned to be raised at 12:01 a.m. Washington DC time (0401 GMT) on Friday.
China has said it would immediately retaliate with its own tariffs, and U.S. President Trump said on Thursday the United States may ultimately impose tariffs on more than a half-trillion dollars worth of Chinese goods, in what may become a fully blown trade war.
"Things will get worse before they get better on trade... between the U.S. and China," said Greg McKenna, chief market strategist at futures brokerage AxiTrader.
Beijing has said it may include a 25 percent tariff on U.S. crude oil imports, although it has not specified a date on which it would include that duty.
American crude shipments to China currently stand around 400,000 barrels per day (bpd), worth around $1 billion a month at current market prices.
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