On the supply side, however, oil markets remain tense ahead of looming United States sanctions against Iran's crude exports, which are set to start next week and are expected to tighten supply, especially to Asia which takes most of Iran's shipments.
Because of the concerns about possible shortage of supply due to USA sanctions on Iran, the oil market is also beginning to be anxious about possible oversupply and inventories that are rising in many other parts of the world.
"One discussion that is developing is that (trade tensions) are hurting demand for crude oil".
Speaking at a ceremony in Tehran, Es'haq Jahangiri claimed that as a result of "planning" and "mechanisms" deployed by President Hassan Rouhani's government, the USA will not reach its goal of completely cutting off Iran's oil exports.
Brent crude oil futures were down 34 cents at $77.28 a barrel at 1005 GMT, while US crude futures fell by 30 cents to $67.29.
The Iranian first vice president further described Trump's decision to restore Iran sanctions as illegal, stressing that the move was against the diplomatic success that had culminated in the 2015 Iran nuclear deal or the Joint Comprehensive Plan of Action (JCPOA) - as is technically known.
The United States has imposed tariffs on $250 billion worth of Chinese goods, and China has responded with retaliatory duties on $110 billion worth of USA goods.
Turkey: Saudi journalist's murder 'pre-planned'
He entered the Saudi Arabian consulate in Istanbul a month ago to obtain documents for his upcoming marriage, but never left. FILE - Saudi Arabia's top prosecutor Saud al-Mojeb walks to board a plane to leave Turkey , in Istanbul, Oct. 31, 2018.
Oil production from Russian Federation, the United States and Saudi Arabia reached 33 million barrels per day (bpd) for the first time in September, Refinitiv Eikon data showed.
USA stocks suffered big losses Wednesday, with the Dow Jones Industrial Average sinking over 600 points, which raised concerns that a possible slowdown in global economic growth could reduce oil demand.
The pressures pushed oil prices to a four-year high at the start of October with Brent crude oil selling for more than $86 per barrel.
The second round of USA sanctions reimposed by president Donald Trump in May kick in on November 4.
The United States has 875 operating oil drilling rigs in this week, adding two more from the previous week, according to data issued by oil service company Baker Hughes on Friday. "If the Americans could ever prevent Iran's oil sales, the prices would have already surpassed $100 per barrel".
Other analysts were verbose in explaining the relatively straightforward scenario that despite persistent doomsday prediction from their own ranks, the crude market is well supplied and every indication is that it will continue to be so, thus effectively keeping a lid on prices. -China trade dispute will dent economic growth and by signs of rising global supply despite upcoming sanctions against Iran.
The world's biggest miner BHP Billiton, which also has oil and gas assets, has trimmed its expectations of global growth for next year and 2020 by about a half to three quarters of a percentage point, Chief Commercial Officer Arnoud Balhuizen said on Tuesday, citing a "lose-lose" result from the U.S. -China trade war are stirring demand-growth concerns.