Oil prices sank this evening, extending heavy pre-weekend losses as weak global stock markets and a US-China trade dispute affected investor sentiment.
US crude fell 23 cents to $69.06 a barrel, while Brent North Sea crude dipped 17 cents to $67.52.
China today hauled the US before the World Trade Organisation over what it alleged were unfair tariffs imposed by Washington on Chinese tyre imports.
On Friday, the White House imposed punitive duties on Chinese-made tyres amid warnings that a sharp jump in their import had cost more than 5,000 jobs in the US.
Last week, the Organisation of Petroleum Exporting Countries decided to maintain its production levels, banking on an economic recovery. OPEC pumps about 40% of world oil supplies.
