US EditionSupply and Demand Fears Continue to Drag Oil Prices Lower
OPEC+ easing cuts and record U.S. output contribute to a forecasted 2026 supply surplus amid heightened U.S.-China trade tensions, causing a 2% weekly drop in oil prices.
- On Oct. 20, Brent crude futures traded at multi-month lows, hovering near $60.95 per barrel as of 6:40 a.m. EDT amid global oil market concerns.
- The International Energy Agency recently raised its forecast for global oil supply growth and warned of a supply surplus in 2026, while U.S. oil output hit a record high last week.
- Last week, benchmarks recorded a third straight weekly decline with more than a 2% fall, while Brent dropped 0.29% to $61.11 and WTI was down 0.35% at $57.34.
- Oil prices slipped in early Asian trade on Monday as escalating U.S.-China trade tensions and extra port fees weighed on sentiment and could slow freight flows.
- The Energy Information Administration expects `significant downward pressure` on oil prices over the coming months, as OPEC+ unwinds output cuts and the Gaza ceasefire eases supply disruption fears.
18 Articles
18 Articles
Crude Oil Prices Fall to Lowest Level in 5 Months
Brent crude oil futures were trading at multi-month lows on Oct. 20, amid concerns of a supply glut in the market and a worsening U.S.–China relationship. Oil was trading at $60.95 per barrel as of 6:40 a.m. EDT, down 0.55 percent from its closing price on Friday. Prices have been hovering near this level for the past couple of days. The last time oil prices were at this level was in early May, more than five months ago. Prior to May, prices las…
Oil prices continued to fall on Monday as the trade dispute between the US and China raises concerns among investors about the state of the global economy.
Oil Prices Fall Amid US-China Trade Tensions And Rising Global Supply Concerns
Both benchmarks had already suffered more than 2 per cent losses last week, marking their third consecutive week of decline, partly influenced by the IEA's projection of a growing supply glut in 2026.
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