Brent crude oil futures were trading at multi-month lows on Oct. 20, amid concerns of a supply glut in the market and a worsening U.S.–China relationship.
Oil was trading at $60.95 per barrel as of 6:40 a.m. EDT, down 0.55 percent from its closing price on Friday. Prices have been hovering near this level for the past couple of days. The last time oil prices were at this level was in early May, more than five months ago.
Prior to May, prices last traded around this level in March 2021.
An Oct. 17 analysis from the International Energy Agency (IEA) warned that the global oil market may be at a tipping point as a “significant supply glut” comes to the fore. Between January and September, the overall global oil surplus was 1.9 million barrels per day….