Oil prices decline amid trade concerns

NEW YORK, April 4 (Xinhua) -- Oil prices retreated on Wednesday as trade tensions between China and the United States dampened investor sentiment.

China on Wednesday unveiled a list of products worth 50 billion U.S. dollars imported from the United States that will be subject to higher tariffs, including soy bean, automobiles and chemical products.

The move was taken after the U.S. administration announced a proposed list of products subject to additional tariffs, which covers Chinese exports worth 50 billion dollars with a suggested tariff rate of 25 percent.

The date of implementation will depend on when the U.S. government imposes the tariffs on Chinese products, the Ministry of Finance said.

Oil prices traded sharply lower in the morning session, but then they pared losses after official data showed a surprise draw in U.S. crude stockpiles.

U.S. crude oil inventories fell by 4.6 million barrels last week to 425.3 million, the Energy Information Administration (EIA) said in its weekly report on Wednesday. Analysts had expected a 2-million-barrel gain.

The West Texas Intermediate for May delivery fell 0.14 U.S. dollar to settle at 63.37 dollars a barrel on the New York Mercantile Exchange, while Brent crude for June delivery lost 0.10 dollar to close at 68.02 dollars a barrel on the London ICE Futures Exchange. Enditem