India, April 3 -- Oil prices fell more than 3 percent on Thursday amid fears that a global trade war will curtail global economic growth and weigh on fuel demand.
Investors were also reacting to the Energy Information Administration (EIA) report showing that crude oil inventories in the United States saw a large increase of 6.2 million barrels during the week ending March 28.
Benchmark Brent crude futures slumped 3.4 percent to $72.36 a barrel in early European trade while WTI crude futures were down 3.7 percent at $69.05.
Oil prices were weighed down by demand concerns as U.S. President Donald Trump announced a 10 percent universal tariff on most imported goods along with additional high tariffs on countries the U.S. considers "worst of...