Oil falls for a second day as oversupply concerns dominate

Oil prices fell for a second day on Tuesday as concerns about excess supply and risks to demand stemming from tensions between the U.S. and China, the world’s top two oil consumers, weigh on the market. Brent crude futures fell 17 cents, or 0.28%, at $60.84 a barrel at 0343 GMT. The U.S. West Texas Intermediate crude (WTI) contract for November delivery , set to expire on Tuesday, eased 0.52% to $57.22. The more active December contract was down 19 cents, or 0.33%, at $56.83. Prices declined to their lowest since early May in Monday’s session on the concerns about slowing economic growth from the recent escalations in the U.S.-China trade dispute. Both WTI and Brent have shifted to contango market structures, where prices for immediate supply are lower than for later delivery and which typically indicates that near-term supply is abundant and demand weakening.