Oil closes lower, Brent slips below $62

Oil drilling rigs

Oil prices fell at the close of trading today, Oct. 15, amid renewed trade tensions between the United States and China, along with concerns about a global supply glut.

Brent crude futures for December delivery fell 0.77%, or 48 cents, to $61.91 a barrel. WTI crude futures for November delivery declined 0.73%, or 43 cents, to $58.27 a barrel.

Bank of America warned in a note that Brent could fall below $50 a barrel if the trade war between China and the US intensifies, given that the OPEC+ alliance is gradually raising its production ceiling, Reuters reported.

This warning came a day after the International Energy Agency raised its forecast for global crude oil supply growth in its monthly report, stating that the global market could see a surplus of up to four million barrels per day in 2026.

Meanwhile, trade tensions between China and the US deepened after both sides imposed additional fees on ships docking at their ports last week, a move that could disrupt global shipping traffic.