WTI crude oil futures extend downside on Wednesday morning in Asia around a five month low amid persistent concerns over the economic fallout from US-China trade tensions. The counter is currently quoting at $58.65 per barrel, down 0.1% on the day. Meanwhile, the International Energy Agency (IEA) said on Tuesday that amid soaring supply and subdued demand, the expected global oil oversupply will be larger than previously anticipated. In its monthly report, the agency today trimmed its oil demand growth estimate for this year and next and hiked the expected supply growth, which will result in a record supply overhang. Global oil stocks are already soaring, especially oil stockpiled in tankers on water, the IEA warned. The IEA revised down its estimate of global oil demand growth to 700,000 barrels per day (bpd) for both 2025 and 2026, down from 740,000 bpd expected for 2025 in the September report.

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