Oil prices are on Tuesday, as the International Energy Organization warned of huge overdose in 2026.

The slow Brent (December contract) is negotiating at $ 62.47 a barrel with a drop of 1.34%.

US WTI (November contract) fell 1.13% to $ 58.82 a barrel.

“Recent tensions between the US and China will also be a pressure on crude oil pressure, as China’s economy could be called into question if tensions remain high,” said Dennis Kissler, a senior Vice President of Bok Financial.

US Secretary of Finance Scott Bessed said Monday that President Donald Trump remains committed to meeting with China President Xi Jing in South Korea this month, as well as both countries trying to relieve their tensions.

However, last week’s developments, such as expanding the exports of rare land exports from Beijing and Trump’s threats to 100% duties and software export restrictions from November 1 have adversely affected the climate, Reuters notes.

Beijing also announced on Tuesday’s sanctions against five subsidiaries of the South Korean shipbuilding company Hanwha Ocean connecting to the US, while the US and China will begin imposing additional port charges on maritime transport companies.

Meanwhile, the ILO said the global oil market is facing a surplus of up to 4 million barrels a day next year, as OPEC+ producers increase production and demand remains sluggish.