Oil & Gas - Energy - Commodities - Resources (OILBRENT)

[eFinanceMarkets]

$USO Crude oil prices fell more than 2% amid mounting concerns of a potential trade war and after U.S. government data showed a second straight weekly increase in crude inventories and production.

April WTI crude settled 2.3% lower at $61.15/bbl while Brent crude fell 2.2% to $64.34/bbl, and energy stocks were one of Wall Street's weakest performers although losses have been whittled away near the day's close.

Crude prices had briefly pared losses after the EIA reported that U.S. inventories rose by 2.4M barrels in the last week, which was below analyst expectations for a 2.7M-barrel increase.

"The generalized market anxiety over what could end up being a global trade war is dragging everything down," says Again Capital partner John Kilduff. "It does not bode well for future economic growth and increased energy demand."