Oil prices fell on Monday as escalating US–China trade tensions and concerns over a potential global supply glut weighed on market sentiment. Brent crude fell 0.4 per cent to $61.05 a barrel, while US West Texas Intermediate (WTI) dropped 0.4 per cent to $57.33, reversing gains from Friday. Both benchmarks recorded their third straight weekly decline last week, pressured by the International Energy Agency (IEA) warning of a growing supply surplus by 2026. Analysts said heightened worries over slowing global growth, coupled with rising output from major producers, are fuelling selling pressure. The renewed US–China trade spat, including reciprocal port fees on shipments, has intensified fears of weaker energy demand. Meanwhile, geopolitical uncertainty persists ahead of an upcoming Trump–Putin summit on Ukraine, with Washington continuing to press India and China to cut Russian oil imports. Notably, US drilling activity also increased for the first time in three weeks, adding to oversupply concerns, according to Baker Hughes. Attribution: Reuters
