
Brent crude futures fell 23 cents, or 0.4%, to $62.16 a barrel
Oil prices dip, stay near 5-month low on US-China trade tensions, looming supply surplus

Oil prices dipped on Wednesday, holding near a five-month low for a second day, pressured by escalating U.S.-China trade tensions and the International Energy Agency's prediction of a supply surplus in 2026.
Brent crude futures fell 23 cents, or 0.4%, to $62.16 a barrel at 11:11 a.m. EDT (1511 GMT). U.S. West Texas Intermediate futures fell 14 cents, or 0.2%, to $58.56. Both benchmarks were headed for their lowest closes since May 7 for a second day in a row.
Bank of America said Brent prices could slip below $50 a barrel if U.S.-China trade tensions intensify while OPEC+ production ramps up.
On Tuesday, the IEA said the global oil market could face a surplus next year of up to 4 million barrels per day, wider than its previous forecast, as OPEC+ and others raise output and demand remains sluggish.
The trade dispute between the world's two largest oil consumers has reignited over the last week, with the U.S. and China imposing additional port fees on ships carrying cargo between them. The tit-for-tat moves could disrupt global freight flows.
U.S. Treasury Secretary Scott Bessent on Wednesday insisted that Washington did not want to escalate the trade conflict, stressing that President Donald Trump is ready to meet Chinese President Xi Jinping in South Korea later this month.