Mubasher: Oil prices declined on Thursday on the back of the rising trade tensions between the United States and China, which is expected to reduce demand on American crude.

For the second consecutive session, oil remained at a seven-week low, after the announcement by Beijing that it will retaliate against US tariffs.

Nymex future went down 0.2% to settle at the level of $66.81 per barrel.

Meanwhile, Brent crude is down 0.2% for the day trading near $72.10 a barrel.