Brent sheds more than 1%, falls below $35 mark

Oil prices fell on Friday, on renewed fears of a new US-China trade tensions, as the two countries are the worlds largest oil consumers.

According to a survey done by Reuters, OPEC output fell to 24.77 million barrels per day in May, which is a 20-year low.

President Donald Trump will hold press conference today to talk about the latest Chinese developments, after Beijing implemented the new national security law in Hong Kong.

The dollar index held against a basket of currencies at 98.4 points as of 17:06 GMT, after it hit a high of 98.5 and a low of 97.9.

As of 17:00 GMT, West Texas Intermediate crude fell 1% to $33.3 a barrel, after it hit an intraday high of $33.8 and a low of $32.3.

Brent fell 1.0% to $34.8 a barrel, with a high of $35.1 and a low of $34.06.