As of October 15, Brent crude slipped by 0.22% to $62.25 per barrel, while November WTI contracts fell by 0.15% to $58.61 per barrel.
On Tuesday, oil continued its decline, with December Brent futures losing 2.24% and dropping below the $62 mark for the first time since May, hitting a low of $61.79. November WTI contracts fell by 2.30% to $58.12 per barrel.
The U.S. and China have introduced reciprocal port fees, which could affect oil tankers accounting for about 15% of the global fleet, according to Clarksons Research.
Meanwhile, the International Energy Agency (IEA) has revised down its 2025 global oil demand forecast to 710,000 barrels per day from the previous estimate of 737,000 barrels per day. Despite the slight downgrade, the revision signals a potential oversupply risk. The Agency also noted that global oil supply growth this year is expected to outpace earlier projections, with the surplus likely to widen further in 2026 — largely due to increased OPEC+ output and subdued demand.
