The oil market under pressure: surplus supply and trade tensions weaken prices

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                        The Oil Market Under Pressure: Excess Supply and Trade Tensions Weaken Prices                        </p>
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Oil prices continued to fall today as markets assessed warnings from the International Energy Agency about a potential global supply surplus next year, alongside trade tensions between the United States and China.

Brent crude futures dropped by 12 cents or 0.19% to $62.27 a barrel, while West Texas Intermediate crude fell 10 cents or 0.17% to $58.60. Prices had closed at their lowest levels in five months in the previous session.

The International Energy Agency stated yesterday that the oil market may face a surplus of up to four million barrels per day next year, due to increased production from OPEC+ producers and some competitors, against a backdrop of persistently weak global demand for crude.

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