Dhaka, Feb. 7 -- Oil prices rose marginally in Asian trade on Friday but were on track for a third straight week of decline, hurt by US President Donald Trump's renewed trade war on China and threats of tariff hikes on other countries.

Brent crude futures rose 32 cents to $74.61 a barrel by 0500 GMT, but were poised to fall 2.8 per cent this week. Meanwhile, US West Texas Intermediate crude was up 24 cents at $70.85 a barrel, down about 2.3 per cent on a weekly basis.

"Oil prices saw some stability return this morning following a volatile session overnight, as traders react to news of US sanctions on Iranian crude exports to China," said Yeap Jun Rong, market strategist at IG, reports Reuters.

The US Treasury said on Thursday it is imp...