Oil prices rose marginally in early Asian trade on Friday but were on track for a third straight week of decline, hurt by U.S. President Donald Trump's renewed trade war on China and threats of tariff hikes on other countries.

China’s state-run refiners are expected to resell US oil cargoes and seek alternative supplies in the aftermath of Beijing’s response to Washington tariffs, a move that is already pushing up the cost of some replacement grades.

Oil headed for a third weekly decline as President Donald Trump’s tariffs on China and his push for increased domestic production weighed on the demand outlook. West Texas Intermediate was steady near $71 a barrel,

Oil prices settled lower on Thursday after U.S. President Donald Trump repeated a pledge to raise U.S. oil production, unnerving traders a day after the country reported a much bigger-than-anticipated jump in crude stockpiles.

There is no doubt there will be an impact of the second Trump presidency on the energy transition, but it is unlikely to have a lasting or significant shift to the