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Oil prices rose more than 1% on Tuesday.

Investor concern that the trade spat will limit energy demand growth overshadowed Energy Information Administration data released Wednesday that showed U.S. crude inventories fell the second time in three weeks.

EIA also reported on Wednesday that US oil production declined to 10.9 million barrels per day during the week ending July 27, dropping from its record high level of 11 million barrels per day.

After snapping tariffs on steel and aluminium imports from a number of allies, the United States has been engaged in an escalating duel with China with levies being announced on a growing range of goods.

"It is a reality check that this is happening and that Iran's oil exports will be hurt when the oil sanctions hit it in November", chief commodities analyst at Commerzbank Bjarne Schieldrop said.

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"Of course, such decisions being taken by the US side are absolutely unfriendly and can hardly be associated with the. constructive atmosphere achieved at the latest meeting of the two presidents", he was quoted by Russian news agency Tass as saying.

Sen added that Iranian production falling by 1.5 million bpd by year end could wind up being a conservative figure, and Bank of American Merrill Lynch pointed out in a research note that "for every 1 million bpd imbalance, we see a price impact on Brent of around $17".

Benchmark Brent crude oil futures on Tuesday were 1.5 percent higher at $74.80 a barrel. In addition, Libya reopened some of the closed oil ports, which raised the market expectations of the growth of oil supplies.

Oil prices dropped nearly 4 per cent yesterday amid deepening concerns over the US-China trade war and continued signs of a slowdown in Chinese energy demand. From November, Washington will also target Iran's petroleum sector. China has proposed to impose retaliatory tariffs on $60 billion worth of US goods, including Liquefied Natural Gas (LNG), fueling speculation that it could also impose tariffs on oil.

For U.S. crude exporters, India is a market ripe for expansion, given the voyage from the Gulf of Mexico to India's west coast takes about three weeks, much the same as it does to China's east coast.

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The Iranian rial fell to a record low late last month, dropping in value by half since April, leading to sharp price increases and fast-rising inflation.

Official U.S. fuel storage data is due later on Wednesday from the Energy Information Administration.

Further out, Weekly Distillate Stocks rose by 1.230 mbpd and Gasoline inventories unexpectedly increased by 2.900 mbpd.

It noted that Iran's oil exports fell last month as several European countries reduced purchases and South Korea cut them completely.

Analysts expect Iran's oil exports to drop more noticeably beginning in September, and the rate of decline to accelerate as the United States looks to have Iran's current customers reduce Iranian oil imports to "zero".

After two consecutive daily advances, WTI has now eroded those gains and retreated to the area of multi-day lows at shouting distance from the $68.00 mark per barrel.

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