Oil prices fell more than 2% on Wednesday as a large build in U.S. crude and gasoline stockpiles signaled weaker demand, while worries about a new China-U.S. trade war fueled fears of softer economic growth.

Oil prices on the New York commodity exchange are falling after China imposed tariffs on American goods, including oil and liquefied natural gas. In addition to concerns about a trade war, investors are also worried about U.

Oil prices on the New York commodity exchange are dropping after China imposed tariffs on American goods, including oil and liquefied natural gas. Brokers report that investors are also worried about US sanctions on Iran.

Oil prices fell more than 2% on Wednesday as a large build in U.S. crude and gasoline stockpiles signalled demand weakness while concern about a new China-U.S. trade war fuelled fears of softer economic growth.

Crude oil futures finished mixed, rebounding from sharp early losses after President Trump signed a memorandum restoring his "maximum pressure" policy against Iran.