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 by 0.55 percent from its closing price on Oct. 17. Prices have been hovering near this level for the past couple days. The last time oil prices were at this level was in early May, more than five months ago.
Before May, prices last traded at about this level in March 2021.
An Oct. 17 analysis from the International Energy Agency states 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….
Crude Oil Prices Fall to Lowest Level in 5 Months
