Oil prices were under pressure on Tuesday from concerns the escalating United States (US)-Iran trade dispute could slow the global economy, while US sanctions on crude exporters Iran and Venezuela helped keep the market on edge.
Brent crude oil futures were at $71.09 per barrel at 0341 GMT, 15 cents, or 0.2 per cent, below their last close.
US West Texas Intermediate (WTI) crude futures were at $62.20 per barrel, 5 cents below their last settlement.
Analysts said there were a number of factors driving oil prices.
One is a concern that global economic growth is threatened by the intensifying trade dispute between the US and China.
