Oil prices fell on Tuesday due to oversupply and weak demand fears, despite positive US-China trade talks. WTI dropped to $57.22, Brent to $60.61. IEA warned of a potential 4 million bpd oil surplus in 2026. Brent futures curve signals contango, indicating weak near-term supply or demand. US-China tensions continue to impact oil demand and China’s refining surge reduces crude imports. Without demand improvement or supply disruptions, oil prices may continue to decline, with Brent testing $60, potentially opening the door to lower levels due to rising supply, weak demand, and uncertain trade relations.

Read more at Yahoo Finance: Brent Flirts With $60 as Oversupply Fears Deepen