WASHINGTON (dpa-AFX) - Oil prices struggled for direction on Tuesday, after having hit their lowest since early May the previous day amid ongoing concerns over a potential global glut.
Benchmark Brent crude futures were down 0.1 percent at $60.97 a barrel in European trade, while WTI crude futures were little changed at $56.98.
Supply glut fears continued to drag on prices, following last week's downward trajectory after the International Energy Agency upgraded supply forecasts and lowered demand growth projections, predicting a potential surplus of 3-4 million barrels per day extending into 2026.
Trade tensions also spurred demand concerns. U.S. President Donald Trump has issued a strong warning to China, threatening to impose tariffs of up to 155 percent starting the 1st of next month if a new trade deal is not reached.
On the geopolitical front, investor attention has shifted to the upcoming meeting between the presidents of the United States and Russia in Hungary, with EU officials warning that Russian President Putin's presence in Hungary sends the wrong signal.
'It's not nice to see a person under an ICC arrest warrant coming to a European country,' said EU foreign policy chief Kaja Kallas.
Germany's EU minister stressed that Ukraine must be part of any talks or 'it will be a failed agreement'.
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