India, Feb. 28 -- Oil prices fell sharply on Friday and headed for their first monthly decline since November as heightened concerns over a potential global trade war overshadowed supply concerns.
Benchmark Brent crude futures were down 0.9 percent at $72.90 in European trade while WTI crude futures fell 1.1 percent to $69.61.
On Thursday, U.S. President Donald Trump said his proposed 25 percent tariffs on Mexican and Canadian goods will take effect on March 4 along with an extra 10 percent duty on Chinese imports over the fentanyl opioid crisis.
China vowed to take "all necessary countermeasures and defend its legitimate rights and interests", intensifying a brewing trade war between the world's two largest economies.
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