Worldwide benchmark Brent crude was trading at $69.83 per barrel at 0630 GMT with a 0.7% decline after closing Wednesday at $70.31 a barrel.
Tanker brokerage Eastport said in a note that "worsening trade friction between Washington and Beijing poses a downside risk to our forecasts" for petroleum products.
So far this year, prices have gained more than 30 per cent as the global supply outlook has tightened due to U.S. sanctions on crude exporters Iran and Venezuela, as well as supply cuts by OPEC, Russia and their allies.
"The supply uncertainty is what's holding the (U.S. oil) market above $60 a barrel", said Phillip Streible, senior market strategist at RJO Futures in Chicago.
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Crude oil prices increased in April, but they are expected to decrease through 2019 and 2020, the U.S. Energy Information Administration (EIA) said on Tuesday.
Besides, Trump had also added that further tariff hikes on hundreds of billions of Chinese exports might have been on the cards, that rekindled volatility over riskier assets such as crude oil.
The row has already dragged on economic growth in Asia and a breakdown in Sino-American negotiations could call global crude demand forecasts into question, said John Kilduff, a partner at Again Capital Management LLC.
Gold prices edged higher on Tuesday as investors moved away from riskier assets after U.S. President Donald Trump threatened to raise tariffs on Chinese imports, heightening trade tensions and lifting demand for the safe-haven metal.
Today's EIA Weekly Inventories report is expected to show a 1.1 million barrel increase.
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The Chinese Internet giant sent a message to the game players on Wednesday announcing the game was "removed for maintenance". It was named as one of the highest-grossing titles on the Steam video game store in 2018.
"We got an indication they want to make a deal", Sanders told reporters. China's commerce ministry confirmed on Tuesday that Vice Premier Liu He will visit the United States from May 9-10 for bilateral trade talks at the invitation of senior U.S. officials.
"So people have been bearish because of that".
The EIA said in its regular weekly report that slumped by almost 4 million barrels in the week to May 3, versus forecasts for a build of 1.2 million barrels. The country is the world's second-biggest gold consumer.
Azerbaijan's oil minister said it had received assurances from Saudi Arabia, de-facto OPEC leader, that Riyadh would not take any unilateral decisions on the global oil deal until the group's June meeting.
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