London: Oil prices declined on Tuesday as concerns the brewing trade war between major crude consumers the US and the European Union (EU) will curb fuel demand growth by lowering economic activity weighed on investor sentiment. Brent crude futures fell 52 cents, or 0.75%, to $68.69 a barrel. US West Texas Intermediate crude was at $66.69 a barrel, down 51 cents, or 0.76%.

According to Qatar News Agency, the August West Texas Intermediate (WTI) contract expires on Tuesday, and the more active September contract was down 54 cents, or 0.82%, to $65.41 a barrel. The US has threatened to impose a 30% tariff on EU imports on August 1 if a deal is not reached.