Beijing: Global oil prices eased in early Asian trading on Monday on concerns that the United States is poised to impose additional tariffs on China, outweighing supply fears from upcoming sanctions on Iran.
Brent crude oil futures dipped 16 cents, or 0.2 percent to $77.93 a barrel by 0035 GMT. U.S. West Texas Intermediate (WTI) futures fell 20 cents or 0.3 percent, to $68.79 a barrel.
"The market´s expectation of shortages has cooled after data from last week showed increases in supplies, while investors have lowered the outlook for oil demand," said Wang Xiao, head
of crude research with Guotai Junan Futures.
U.S. President Donald Trump is likely to announce new tariffs on about $200 billion on Chinese imports as early as Monday, a senior administration official told Reuters on Saturday.