(MENAFN- Yolo Wire) Oil prices have fallen to their lowest level in five months amid ongoing trade tensions between the U.S. and China, the world's two biggest energy consumers.

Brent crude oil, the international standard, is currently trading at $62.15 U.S. a barrel.

West Texas Intermediate (WTI) crude oil, the U.S. benchmark, is at $58.49 U.S. per barrel and below the key threshold of $60 U.S.

In a note to clients, Bank of America (NYSE: $BAC) warns that Brent crude prices could drop below $50 U.S. a barrel if U.S.-China trade tensions intensify and OPEC+ continues to raise production.

The trade dispute between the world's two largest oil consumers has reignited over the past week, with the U.S. and China imposing additional port fees on ships carrying cargo to their respective countries.

At the same time, the International Energy Agency (IEA) is forecasting a supply glut in 2026, saying the global oil market could face a surplus next year of up to four million barrels per day.

The IEA says the glut is the result of OPEC+ continuing to raise its crude oil output despite the fact that global demand remains sluggish.

Several commodities analysts are revising down their price forecasts for crude oil moving forward given the current headwinds facing the industry.

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