Oil companies slip further, crude prices head lower after China's tariff announcement

Shares of oil companies fell further in premarket trading following prices of crude

Brent futures LCOc1 fall 4.7% to $66.83/bbl; U.S. West Texas Intermediate crude futures CLc1 decline 4.8% to $63.71/bbl by 1036 GMT

Earlier in the session, WTI and Brent both hit lowest since December 2021

*China announced additional tariffs of 34% on U.S. goods, escalating the trade war with President Donald Trump

Crude also weighed down by hit from Trump's tariffs from Wednesday and output increases announced by the OPEC+ producer group O/R

*Tariffs could lead to slowing down of global economy, which could hit fuel demand world over

U.S. oil majors Exxon Mobil XOM.N down 3.4%, while Chevron CVX.N falls ~3.2%

Producers Occidental Petroleum OXY.N down 4.4%, Permian Resources PR.N slips 2.5% while oilfield services company Halliburton HAL.N declines 2.5% and top oilfield co SLB SLB.N down 4.3%

Europe's oil cos .SXEP down 5.5%, with BP BP.L slipping 5.4% and Shell SHEL.L falling ~5%