Oil Prices Edge Lower on Oversupply Concerns, China Slowdown

Overview

• Brent settled down 0.46% at $61.01 a barrel, while U.S. WTI was roughly unchanged at $57.52.
• OPEC+ has ramped output since April, and rising production in the United States, Brazil, Argentina and Guyana is adding to the supply overhang.
• The IEA’s latest monthly report flags a roughly 2.2 million barrels per day surplus in 2025 and warns it could near 4 million bpd in 2026.
• Analysts say the market is tilting toward contango, with prompt barrels pricing below later delivery and encouraging storage.
• China reported third-quarter growth of 4.8% year on year, and traders are watching planned Beijing–Washington talks for fresh demand signals.