Oil prices slip as US-China trade tensions heat up
Oil prices slipped on Wednesday as traders weighed the International Energy Agency’s warning of a major supply surplus in 2026 and renewed U.S.-China trade tensions that could weaken global demand.
Oil prices slip as US-China trade tensions heat up
LONDON, Oct 15 — Oil prices dipped slightly on Wednesday as traders weighed concerns about a potential supply surplus and renewed trade tensions between the United States and China.
Brent crude futures slipped by $0.21 (0.3%) to $62.18 per barrel, while U.S. West Texas Intermediate (WTI) eased $0.13 (0.2%) to $58.57.
The International Energy Agency (IEA) predicted a global oil surplus of up to 4 million barrels per day in 2026, mainly due to rising OPEC+ output and weak demand. Analysts said the combination of oversupply fears and escalating trade disputes is keeping prices under pressure.
Trade tensions have intensified after both Washington and Beijing imposed additional port fees, raising costs and hurting demand. Investors are also awaiting U.S. inventory data, which is expected to show a small increase in crude stockpiles.
(Reuters)
