West Texas Intermediate rose 61 cents to settle at $73.55, while Brent declined by 39 cents to $77 per barrel. US crude CLc1 was down 30 cents at $73.50.
Oil prices dipped on Friday as markets grew more nervous ahead of a raft of import tariffs set to be imposed later in the day by the world's two biggest economies, the United States and China, threatening global growth.
On Thursday, the US Energy Administration (EIA) announced that USA crude inventories had risen 1.2 million barrels in the week to June 29, to 417.88 million barrels.
An executive from China's Dongming Petrochemical Group said he expected Beijing to soon impose the tariff on US oil imports.
Looming over the oil markets is the trade dispute between the U.S. and China, the world's two biggest economies.
"We're headed for an unparalleled trade conflict between the world's largest economies", said Stephen Innes, head of Asia-Pacific trading at brokerage Oanda. The unofficial leader of the Organization of Petroleum Exporting countries has never pumped more than 10.6 million barrels per day on average over a single month, according to BAML.
However, oil traders should continue to monitor the events because Beijing has threatened a 25 percent tariff on US crude imports, although it has not specified an introduction date.
He added his refinery had canceled US crude orders and would switch to Middle East or West African supplies instead.
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Reuters on Friday reported that Asian oil refiners are racing to secure crude supplies in anticipation of tensions with China (which has has threatened a 25 percent duty on imports of US crude) and the sanctions against Iran aimed at shutting the country out of oil market.
Based on IEA estimates, the kingdom can raise production to just over 12 million bpd and sustain it at that level for an extended period, the report added.
If Beijing also imposes tariffs on United States crude, it could put downward pressure on the price of benchmark U.S. crude, the West Texas Intermediate, and may weaken its spread to Brent oil, the global market standard.
It estimated that once USA sanctions are fully implemented, some 1.7 to 2 million bpd of crude and condensate would be taken out of the market.
Some are already reacting.
"These days. the price is dependent on the behaviour of Mr. Trump", Iranian Oil Minister Bijan Namdar Zanganeh said on state television.
"It is possible the kingdom could lift production by another 1.3 million-1.4 million bpd beyond anything it has ever produced before but at the moment there is no way of knowing for certain", Reuters added.
Top exporter Saudi Arabia told OPEC it raised oil output by nearly 500,000 barrels per day last month, OPEC sources said, a sign Riyadh wants to make up for shortages elsewhere and dampen prices.