Oil prices fall amid anticipation of talks between Beijing and Washington

Oil prices continued to fall as investors assessed signs of a worsening oversupply ahead of expected trade talks between the United States and China later this week. Brent crude fell below $61 a barrel after falling 0.5% on Monday, while West Texas Intermediate settled near $57. According to Vortexa data, the amount of crude oil transported by tankers at sea rose to a record level as producers continue to pump more barrels at a time when demand growth is slowing. The International Energy Agency expects to see a record surplus in oil supplies next year, with increased production by the OPEC+ alliance and producers outside the group. Oil contracts send off a third monthly loss. Futures are headed for a third consecutive monthly loss, while timing differences for both global benchmarks are beginning to signal a glut of supplies. Bob McNally, founder and president of Rapidan Energy Group, said in an interview with Bloomberg TV, “Supply growth is three times faster than demand growth … and in the short term, we have a glut in the market.” Also read: Citigroup: Oil may fall to $50 as intensity of Ukraine war diminishes. According to Vortexa analyses, the total number of crude oil and condensates, which is a light form of oil, moving on tankers reached 1.24 billion barrels in the week ended Oct. 17, up from 1.22 billion barrels in the previous week after the data was reviewed. Meanwhile, negotiators from the United States and China are expected to discuss trade issues at a meeting held in Malaysia this week in preparation for a meeting between US President Donald Trump and his Chinese counterpart Xi Jinping later this month.