Asian oil prices extended their losses from the previous session.

Oil prices fell in Asian trading on October 15, extending losses from the previous session, as investors weighed warnings from the International Energy Agency (IEA) about oversupply by 2026 and concerns that US-China trade tensions could limit demand.

An oil refinery in Karbala, Iraq. Photo: AFP/VNA

Brent crude futures fell 9 cents, or 0.14%, to $62.3 a barrel at 1:40 PM on October 15 (Vietnam time), while US West Texas Intermediate (WTI) crude futures fell 3 cents, or 0.05%, to $58.67 a barrel.

Emril Jamil, an oil analyst at global financial infrastructure and data firm LSEG, believes the market is focusing on oversupply as geopolitical risks ease and escalating trade tensions add further pressure to prices.

On October 14, the International Oil Agency (IEA) predicted that the global oil market could face a surplus of up to 4 million barrels per day next year, a larger surplus than previously forecast, due to increased production by the Organization of Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, and competitors, while demand remains sluggish.

Meanwhile, trade tensions between the US and China, the world's two largest oil consumers, resurfaced this past week as both countries imposed additional port fees on cargo ships. This will increase trade costs and disrupt the flow of goods, potentially reducing economic output.

Trade tensions between the world's two largest economies escalated last week after China announced a significant expansion of its rare earth export controls, while US President Donald Trump threatened to impose additional tariffs of 100% on Chinese goods and tighten restrictions on software exports starting November 1st.

Yang An, an analyst at risk management firm Haitong Futures, believes that besides the US-China trade relationship and the progress of negotiations, the key factor driving oil prices currently is the level of oversupply, as reflected in changes in global inventories.

To gauge U.S. demand, traders will be awaiting weekly inventory data. According to a preliminary Reuters poll, U.S. crude oil inventories are estimated to have risen by an average of about 200,000 barrels in the week ending October 10.

The American Petroleum Institute's weekly report is scheduled for release on October 16th (Vietnam time), and the U.S. Energy Information Administration's report will be released the following day.

Source: https://baotintuc.vn/thi-truong-tien-te/gia-dau-chau-a-keo-dai-da-giam-tu-phien-truoc-20251015144621127.htm