STORY: :: Shell
Oil prices fell for a second day on Tuesday amid concerns about excess supply and risks to demand stemming from tensions between the U.S. and China.
:: File
The world's top two oil consumers have renewed their trade war, imposing additional port fees on ships carrying cargo between them - tit-for-tat moves that could also disrupt global freight flows.
U.S. President Donald Trump said he expects to reach a "fair" trade deal with Chinese President Xi Jinping, though key issues like tariffs and tech remain unresolved ahead of their planned meeting in South Korea next week.
:: File
The head of the World Trade Organization is urging both sides to dial it back, warning that a long-term split between the two economies could shrink global output by 7%.
:: Shell
Key global oil benchmarks Brent crude and U.S. West Texas Intermediate both closed at their weakest levels since early May on Monday.
:: File
Oil prices have been under pressure after the International Energy Agency warned of a potential surplus of nearly 4 million barrels per day by 2026, as producers ramp up output while demand stays weak.
The current pessimistic outlook for oil is likely to extend into 2026, with analysts at Goldman Sachs saying on Tuesday they forecast Brent prices may drop to $52 a barrel by the fourth quarter of next year.
