HOUSTON (Reuters) – Oil prices fell on Thursday as investors worried about slower crude demand if the United States and China fail to reach a trade deal, resulting in higher U.S. tariffs on Chinese imports that could hit economic growth.

FILE PHOTO: Oil platforms operated by Lukoil are seen at the Korchagina oilfield in the Caspian Sea, Russia October 17, 2018. REUTERS/Maxim Shemetov/File Photo

The trade dispute between the world’s two biggest economies and a sharp drop in global equity markets outweighed geopolitical tensions and supply cuts that have lowered global supplies from Latin America, Africa and the Middle East.

Brent crude oil futures fell 23 cents in seesaw trade to $70.14 a barrel by 11:50 a.m. CST, headed for their second straight weekly loss. U.S.