Oil prices steady amid US/China trade war

After plummeting more than three per cent on Wednesday, oil prices steadied early Thursday, but still traded close to their seven-week low as the US/China trade war is escalating and currently trumping fears of a significant Iranian supply loss later this year.
In early morning trade, West Texas Intermediate Crude was trading down 0.12 per cent at $66.86, while Brent Crude was up 0.17 per cent at $72.40.
Prices are holding steady after a three per cent plunge Wednesday, when China and the United States traded a new round of tariffs and counter-tariffs on US$16 billion worth of each others' imports.

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