Oil prices have fallen about 1 percent as the US-China trade row escalated to lead to a sharp fall in many world markets.
Crude was affected by expectations that OPEC and its main ally Russia will gradually increase production.
The United States and China exchanged the threat of punitive tariffs on their exports, including oil supplies, which put pressure on stock markets.
Brent hit $ 74.69 a barrel at 06:46 GMT, down 65 cents, or 0.9 percent, from the latest close.
West Texas Intermediate crude was $ 65.24 a barrel, down 61 cents, or 0.9 percent.
OPEC and a group of independent producers, including Russia, have begun cutting oil supplies to boost prices in 2017.
Following a significant increase in crude prices from less than $ 30 a barrel in 2016, OPEC and its allies will meet on January 22 in Vienna to discuss future production policy.