Oil prices fell sharply Friday as two of the world's biggest producers, Saudi Arabia and Russia, indicated they were prepared to increase output ahead of an OPEC meeting in Vienna next week.
Crude futures fell in tandem with the U.S. stock market. The Dow tumbled more than 200 points after President Donald Trump said he will soon put tariffs on $50 billion in Chinese exports, raising fears of a broadening trade war.
U.S. light crude ended Friday's session down $1.83, or 2.7 percent, to $65.06. Benchmark Brent crude oil was down $2.46, or 3.2 percent, at $73.48 a barrel by 2:28 p.m. ET, after falling 80 cents on Thursday.
Both contracts hit 3½-year highs in May, but have since drifted lower as U.S. crude production has risen and as the Organization of the Petroleum Exporting Countries (OPEC), Russia and other allies look poised to increase output in their meeting in the Austrian capital on June 22-23.