Doha: Oil prices settled at their lowest levels since early May, driven by expectations of a supply glut and escalating trade tensions between the United States and China, which have heightened fears of economic slowdown and weakened energy demand. Brent crude futures fell 28 cents, or 0.46 percent, to settle at $61.01 a barrel. US West Texas Intermediate (WTI) crude futures closed down 2 cents, or 0.03 percent, at $57.52.
According to Qatar News Agency, the decline in oil prices reflects the market’s anticipation of an oversupply, combined with ongoing trade disputes between two of the world’s largest economies. These factors contribute to concerns about a potential global economic slowdown, which could further suppress energy demand and exert downward pressure on oil prices.