- Trade tensions and weak Chinese growth raise concerns over oil demand
- Trump continues to pressure India to stop buying Russian oil
- US drilling rig count increases for first time in three weeks
TOKYO/BEIJING, Oct 20 (Reuters) – Oil prices fell on Monday, pressured by worries about a global glut as trade tensions between the United States and China added to worries about an economic slowdown and falling energy demand.
Brent crude futures were down 53 cents, or 0.86 percent, at $60.76 a barrel by 0610 GMT, while U.S. West Texas Intermediate futures fell 55 cents, or 0.96 percent, to $56.99, erasing Friday’s gains.
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“Concerns about oversupply due to increased production from oil-producing countries, coupled with fears of an economic slowdown resulting from escalating trade tensions between the United States and China, are fueling selling pressure,” said Toshitaka Tazawa, an analyst at Fujitomi Securities.
Meanwhile, Trump and Putin agreed Thursday to hold another summit on the war in Ukraine, even as Washington pressured India and China to stop buying Russian oil.
Reporting by Yuka Obayashi in Tokyo and Colleen Howe in Beijing; Editing by Sonali Paul
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