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

Shares of oil companies fell in morning trading following prices of crude

Brent futures LCOc1 fall 6.8% to $65.39/bbl; U.S. West Texas Intermediate crude futures CLc1 decline 7.6% to $61.88/bbl by 1341 GMT (9:41 a.m. ET)

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

China, top importer of oil, 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 3.5%, while Chevron CVX.N falls 4.1%, producer Occidental Petroleum OXY.N down 5.7%

Oilfield services company Halliburton HAL.N declines 7.5% and top oilfield co SLB SLB.N down 5.8%

Refiner Marathon Petroleum MPC.N down 5.6%, Valero VLO.N down 5.3%