Oil prices slip to $60 per barrel

Oil prices dipped on Monday, pressured by worries over a global glut as U.S.-China trade tensions added to concerns about an economic slowdown and weaker energy demand.

Brent crude futures were down 53 cents, or 0.86%, at $60.76 a barrel as of 06:10 GMT, while WTI futures fell 55 cents, or 0.96%, to $56.99, erasing gains from Friday.

Both benchmarks declined more than 2% last week, marking their third consecutive weekly decline, partly due to the International Energy Agency's outlook for a growing supply glut in 2026.

China's third-quarter economic growth slowed to the weakest pace in a year, data from China's statistics bureau showed on Monday. The results were pulled down by weak domestic demand, raising questions about Beijing's reliance on exports amid trade tensions with the U.S.

The two top oil consumers have recently renewed their trade war, imposing additional port fees on ships carrying cargo between them - tit-for-tat moves that could disrupt global freight flows.