Oil prices retreated on Monday as concerns about trade tensions between China and the United States weighed on the market.
China suspended tariff concessions on 128 items of U.S. products including pork and fruits starting Monday, according to the Ministry of Finance.
The Customs Tariff Commission of the State Council has decided to impose a tariff of 15 percent on 120 items of products imported from the United States including fruits and related products, and a tariff of 25 percent on eight items of imports including pork and related products from the country, according to a statement posted on the ministry website.
The statement said it was a countermeasure in response to a previous U.S. move to slap tariffs on steel and aluminum imports.
Despite worldwide objections, the U.S. administration decided to impose a 25-percent tariff on steel imports and a 10-percent tariff on aluminum, with tariffs on imports from countries including China.
Analysts worried that a possible trade war could hurt global economy and reduce crude demand.
An increase in Russian oil output also dented investor sentiment. The country's crude production rose in March despite the output deal, to 10.97 million barrels per day (bpd) from 10.95 million bpd in February, Russian Energy Ministry data showed, keeping Russia ahead of the United States as the world's biggest crude producer.
The West Texas Intermediate for May delivery dropped 1.93 U.S. dollars to settle at 63.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 1.70 dollars to close at 67.64 dollars a barrel on the London ICE Futures Exchange.
China suspended tariff concessions on 128 items of U.S. products including pork and fruits starting Monday, according to the Ministry of Finance.
The Customs Tariff Commission of the State Council has decided to impose a tariff of 15 percent on 120 items of products imported from the United States including fruits and related products, and a tariff of 25 percent on eight items of imports including pork and related products from the country, according to a statement posted on the ministry website.
The statement said it was a countermeasure in response to a previous U.S. move to slap tariffs on steel and aluminum imports.
Despite worldwide objections, the U.S. administration decided to impose a 25-percent tariff on steel imports and a 10-percent tariff on aluminum, with tariffs on imports from countries including China.
Analysts worried that a possible trade war could hurt global economy and reduce crude demand.
An increase in Russian oil output also dented investor sentiment. The country's crude production rose in March despite the output deal, to 10.97 million barrels per day (bpd) from 10.95 million bpd in February, Russian Energy Ministry data showed, keeping Russia ahead of the United States as the world's biggest crude producer.
The West Texas Intermediate for May delivery dropped 1.93 U.S. dollars to settle at 63.01 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 1.70 dollars to close at 67.64 dollars a barrel on the London ICE Futures Exchange.
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