Oil prices extended their retreat from the opening of the US market on Friday to continue their losses for a second straight day, the lowest level in a week, after a sudden surge in US commercial inventories as US oil production continues at record levels. Trade tensions between the United States and China are the world’s biggest oil consumers.

By 1330 GMT, US crude fell to $ 72.40 a barrel from the opening level of $ 73.16, recording a high of $ 73.30 and a low of $ 72.13 since June 28.

Brent crude oil fell to $ 76.65 a barrel from the opening level of $ 77.56, and recorded a high of $ 77.66, and the lowest level of $ 76.35 lowest since June 28.

US crude lost 1.6% in the first three-day losing streak on Tuesday, after a three-and-a-half year high of $ 75.34 a barrel.

Oil chart

Brent also fell 0.8%, the first loss in three days, after US President Donald Trump’s demand for OPEC to cut oil prices.

US Energy Agency announced on Thursday that the country’s trade inventories rose by 1.2 million barrels in the week ending June 29, the first weekly rise in a month, contrary to experts’ forecasts of a 4.4 million barrel drop.

For the third week in a row, for the third week in a row, US production remained unchanged for the third week in a row, with total production at 10.90 million barrels per day, the highest level ever for US oil production.

United States has already begun implementing new customs duties on Chinese goods worth $ 34 billion by 0400 GMT. China has threatened to respond by imposing a 25% tariff on US goods but has not set a date.

US President Donald Trump said on Thursday that in the end he could charge customs duties on more than $ 500 billion of Chinese goods.

As these tensions continue to escalate, there will be no outbreak of a full-scale trade war between the world’s biggest economists, which is expected to negatively affect the demand levels of the world’s biggest oil consumers.

Number of oil drilling and drilling platforms operating in the US oilfields was released later this week by four platforms, the second weekly decline in a row, bringing the total operating platform to 858 platforms, The lowest level since the week ending 18 May.