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World oil prices weakened early in Asian trade on Monday, fearing that the US would impose additional tariffs on China, overcoming concerns over the upcoming sanctions against Iran.
Brent crude oil futures fell 16 cents, or 0.2% to $ 77.93 a barrel, at 00:35 GMT.
West Texas Intermediate (WTI) futures fell 20 cents or 0.3% to $ 68.79 a barrel.
"Market shortage expectations have cooled after last week's data showed an increase in supplies, while investors reduced prospects for oil demand," said Wang Xiao, Guotai's director of research. Junan Futures.
US President Donald Trump is expected to announce new tariffs on Chinese imports of about $ 200 billion on Monday, a senior government official told Reuters on Saturday.
The surge in trade is raising concerns about the potential for slowing growth in oil consumption, offsetting supply concerns stemming from the upcoming US sanctions against Iran for its nuclear program.
Refiners in India, Iran's second-largest crude buyer, will reduce their monthly shipment of crude oil in Iran by almost half in September and October.
US drillers also added two oil rigs in the week leading up to December 1, bringing the total to 749, the highest level since September, energy utility firm Baker Hughes of General Electric Co. said Friday.
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