Oil Market Overview - Oil prices remained stable in early Asian trade after a decline of over 1% in the previous session, with U.S. crude oil dropping by $2.53, or 4.11%, to $58.98 per barrel, and Brent crude down $2.44, or 3.74%, to $62.78 per barrel [1] - Concerns over U.S.-China trade relations resurfaced, as higher tariffs could potentially slow the global economy and reduce oil demand [1] U.S.-China Trade Relations - U.S. crude oil prices fell by 4% following President Trump's threat to impose higher tariffs on China in response to stricter export controls on rare earth minerals [2] - Trump's statement indicated a potential for a significant increase in tariffs on Chinese products, which contributed to a negative sentiment in the stock market as investors reacted to the renewed threat to the global economy [3]