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 futures fell Wednesday, feeling pressure after industry data showed a large rise in U.S. crude inventories and as investors feared a U.S. -China trade battle will dent demand.

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 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.

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.