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Crude oil futures slipped on Monday, but losses were capped by a rebound in stock markets and escalating Saudi-Iran tensions.
Brent crude futures were down 10 cents at $70.35 a barrel at 1000 GMT. US West Texas Intermediate (WTI) crude futures fell 26 cents to $65.62.
"The trade war story should be taken into account when trying to quantify the potentially bullish effect of the geopolitical element in oil markets," said analysts at consultancy JBC Energy.
The market also found support from rising Middle East tensions between Saudi Arabia and militia in Yemen.
"Geopolitics and growing concerns about the United States leaving the Iran deal lifted oil prices back towards $70 per barrel," said Norbert Rucker, head of macro and commodity research at private Swiss bank Julius Baer.
Beyond trade concerns, crude was pressured by a rise in the number of active US oil rigs to a 3-year high of 804, implying further rises in production. US oil output has already jumped by a quarter since mid-2016 to 10.4 million barrels per day (bpd).
"With US crude production likely to be close to 10.5 million bpd by now and NGL (natural gas liquids) output also increasing strongly, there is a clear chance that year-on-year supply growth in the US could at least temporarily hit 2 million bpd over the summer months," JBC said. - Reuters
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