Oil prices extend losses amid oversupply and trade uncertainty

Brent crude oil futures slipped to around $60.8 per barrel on Tuesday, extending losses from the previous session as mounting concerns over a global supply glut and lingering uncertainty surrounding U.S.–China trade talks kept investors cautious.

Fresh data showed that the volume of crude stored at sea has risen to a record high, underscoring the deepening market imbalance and reinforcing the bearish sentiment dominating oil markets.

As of the week ending October 17, an estimated 1.24 billion barrels of crude and condensate were being transported by tankers, up from the previous week’s revised 1.22 billion barrels.

Attention now turns to the upcoming negotiations between U.S. and Chinese officials in Malaysia, viewed as a key step ahead of a high-stakes summit between President Donald Trump and President Xi Jinping later this month.

Similarly, WTI crude oil futures fell to around $56.8 per barrel, mirroring Brent’s decline, as traders continued to weigh the prospects of persistent oversupply and slowing global demand amid heightened geopolitical and economic uncertainty.