Oil prices fell on Wednesday as markets followed the developments in the recently reignited trade dispute between the United States and China. Beijing announced a 10% tariff on US oil, as well as a 15% levy on coal and liquified natural gas. However, bilateral discussions are ongoing and the eventual impact of the measure is still unclear. Meanwhile, the latest report on US crude oil inventories showed an increase of 5.02 million barrels in the week ending January 31.

West Texas Intermediate (WTI) for deliveries in March dropped 1.16% at 7:02 am ET and went for $.71.90 per barrel. Brent for April's settlements lost 1.13% a minute later, selling for $75.35 per barrel.