Latest Oil Market News and Analysis for Oct. 15

Oil steadied after falling to five-month low, as investors weighed an expected supply glut against the fallout of escalating US-China trade tensions.

West Texas Intermediate traded near $59 a barrel after sliding to the lowest since May on Tuesday, while Brent closed near $62. The International Energy Agency on Tuesday increased its forecast for an unprecedented oversupply of oil for 2026. Worldwide crude supplies will exceed demand by almost 4 million barrels a day next year, a record overhang in annual terms, the agency said.