International Benchmark Brent crude decreased to $67.41 per barrel at 08.03 GMT+3 as trade tensions between the U.S. and China escalate and as concerns mount over the Syrian crisis.
Brent crude was $68.52 per barrel at trade opening on Friday. Also American benchmark West Texas Intermediate (WTI) dropped to $62.27 from $63.14 at 15.31 GMT+3 on Friday.
President Donald Trump's order to U.S. Trade Representatives (USTR) to consider imposing $100 billion in additional tariffs on Chinese products on Thursday triggered fears of a bigger trade dispute between the two countries, causing a downward trend in stock markets.
In response, a spokesman for the Chinese Ministry of Commerce, Gao Feng, on Friday said that Beijing would fight back and take 'comprehensive countermeasures' if Washington continues with 'unilateral and protectionist policies' on trade.
'On Sino-U.S. trade, China has made its position very clear. We do not want a trade war, but we are not afraid of such a war,' he was quoted as saying by local media.
In addition, the number of oil rigs in the U.S. increased by 11 last week, according to data of oilfield services company Baker Hughes on Thursday. The oil rig count in the country rose to 808 for the week ending April 6, the data showed.
In the meantime, production of crude oil in the U.S. grew 5.2 percent in 2017 year-on-year, the country's Energy Information Administration (EIA) said on Wednesday.
The EIA also noted that it expects that U.S. crude oil production will average 10.7 million barrels per day (bpd) in 2018, and 11.3 million bpd in 2019.
By Huseyin Erdogan
Anadolu Agency
energy@aa.com.tr