Oil in New York is traded for price close to $69 per barrel today, Bloomberg reports. Reduction of US inventories and renewed sanctions against Iran raised concerns over oil supply, which overlap threat of trade war between China and the US.

Oil futures today are relatively stable after they gained 1% during last two trading sessions. US inventories, including those in key hub Cushing, Oklahoma, fell last week 6,02 million, which is almost twice as much as Bloomberg’s expectations. Meanwhile, US announced that it is ready to impose tariffs on $16 billion of Chinese imports within next two weeks. US also confirmed its intentions to apply tougher sanctions to Iran.

As a result, oil is in the center of lower demand threat due to economic slowdown amid full-scale trade war and risks of Iran sanctions.

Price of WTI oil with September delivery is $69,21 per barrel. Brent is traded for $74,70 per barrel.