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Oil drops to five-week trough
Oil prices fell during Monday’s trading session, hitting their lowest levels in five months, as investors assessed the prospects of a global supply glut in addition to trade uncertainty between the United States and China.
According to estimates published by Reuters on Monday, the market is showing a shift from concerns about supply shortages to fears of oversupply, as traders adopted a behavior known as “contango” last Friday — meaning that participants are storing oil to sell it later at higher levels, based on expectations of reduced supply afterward.
Trade tensions between the United States and China remain in place after both sides imposed additional tariffs on reciprocal shipping, in steps that could disrupt global trade flows.
In trading, Brent crude futures for December delivery fell by 0.5%, or the equivalent of 28 cents, to 61.01 dollars per barrel at settlement.
US Nymex crude futures declined slightly by just two cents, closing at 57.52 dollars per barrel.
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