Oil prices fell further on Thursday, weighed down by demand concerns stemming from the trade war between the world's two largest oil consumers the US and China and growing expectations of a supply glut.
International benchmark Brent crude fell by around 0.03%, trading at $61.04 per barrel at 08.23 a.m. local time (0523 GMT), down from $61.06 at the previous session's close.
US benchmark West Texas Intermediate declined by about 0.26%, settling at $58.36 per barrel, compared to its prior session close of $58.19.
Both benchmarks fell to their lowest level in four years on April 9, after a sharp drop triggered by US President Donald Trump's April 2 announcement of new tariffs on imports from key trade partners and China's swift retaliation.
Concerns over weak demand and a potential supply glut have pushed oil prices toward their sharpest monthly decline since November 2021, with Brent and WTI crude both losing more than 16%.
The Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, are expected to increase production in June, stoking fears of a widening supply glut.
On May, Saudi Arabia, Russia, Iraq, the United Arab Emirates, Kuwait, Kazakhstan, Algeria, and Oman are scheduled to meet to set their output levels.
By Gulsen Cagatay
Anadolu Agency
energy@aa.com.tr