Under pressure from concerns about a Global oil glut, prices fell on Monday. Tensions Trade relations between the United States and China have reinforced concerns. concerning an economic downturn and lower energy demand.

Brent Crude Oil Futures were down 53 cents, or 0.86%, to $60.76 per barrel at 6:10am GMT, while American oil futures West Texas Intermediate fell by 55 cents, or 0.96%, to $56.99, erasing the Friday's earnings.

Both benchmarks fell by more than 2 % last week, marking their third consecutive weekly decline, partly due to forecasts by the International Energy Agency concerning a growing oversupply in 2026.

Toshitaka Tazawa, analyst at Fujitomi Securities believes that “concerns about oversupply due to the increase in production in oil-producing countries, associated with fears of an economic downturn as a result of escalating tensions trade relations between the United States and China, are adding to the pressure on the sale”.

China's economic growth in the third quarter slowed to its lowest pace in a year, according to data released on Monday by the Chinese Bureau of Statistics.

The results were pulled down by weak domestic demand, raising questions about Beijing's dependence on exports in a context of tensions trade with the United States.