By Sam Li and Jeslyn Lerh.
(Reuters) -Oil prices fell in early trade on Wednesday, extending losses from the previous session, as investors weighed the International Energy Agency’s warning of a supply surplus in 2026 and U.S.-China trade tensions that could hurt demand.
Brent crude futures fell 12 cents, or 0.19%, to $62.27 a barrel by 0021 GMT, while U.S. West Texas Intermediate futures declined by 10 cents, or 0.17%, to $58.60.
Both contracts closed at five-month lows in the previous trading session.
The International Energy Agency said on Tuesday the global oil market could face a surplus next year of as much as 4 million barrels per day, a bigger glut than it earlier expected, as OPEC+ producers and rivals raise output and demand remains sluggish.
Weighing on…more
Source finance.yahoo.com
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