Oil prices fell in early trading on Wednesday, extending losses from the previous session, as investors assessed the International Energy Agency’s warning about a potential supply surplus next year, alongside ongoing U.S.-China trade tensions.
اضافة اعلان
Brent crude futures declined 12 cents, or 0.19%, to $62.27 per barrel by 00:21 GMT, while U.S. West Texas Intermediate (WTI) futures fell 10 cents, or 0.17%, to $58.60 per barrel.
Both contracts had closed at their lowest levels in five months during the previous trading session.
On Tuesday, the International Energy Agency said the global oil market could face a supply surplus of up to four million barrels per day next year — higher than previously expected — due to production increases by OPEC+ members and competitors, coupled with continued weak demand.
Trade tensions between the United States and China escalated last week after Beijing tightened restrictions on exports of rare earth elements, and U.S. President Donald Trump threatened to impose 100% tariffs on Chinese goods and tighten software export controls starting November 1.
— (Reuters)
