Oil Prices Dip Amid Trade Tensions and Demand Concerns

Oil prices slipped in early Asian trading on Monday, weighed down by concerns over a potential global supply glut and renewed US-China trade tensions that have heightened fears of slower economic growth and weaker energy demand.

Brent Crude futures fell $0.24, or 0.4%, to $61.05 a barrel, while US West Texas Intermediate (WTI) crude dropped $0.21, or 0.4%, to $57.33, erasing gains from the previous session.

Both benchmarks declined more than 2% last week, marking a third consecutive weekly loss, following the International Energy Agency's warning of a growing supply surplus expected in 2026.

Trade friction between the world's two largest oil consumers intensified after Washington and Beijing imposed additional port fees on vessels carrying goods between them — a tit-for-tat move that analysts say could disrupt global shipping flows and dampen demand for crude.