REUTERS, London

Oil prices held steady on Tuesday after a fall in the previous session as concerns about oversupply and risks to demand, along with the trade dispute between the US and China, the world’s top two oil consumers, weigh on the markets.

Brent crude futures were unchanged at $61.01 a barrel at 0832 GMT. The US West Texas Intermediate crude (WTI) contract for November delivery , set to expire on Tuesday, was down 15 cents at $57.37. The more active December contract was steady at $57.02.

Prices declined to their lowest since early May on Monday on the concerns around oversupply and slowing economic growth resulting from the recent escalations in the US-China trade dispute.

“Speculative bets on lower prices are likely to persist as long as Brent remains below $65,” said Ole Hansen, head of commodity strategy at Saxo Bank.

Both WTI and Brent have shifted to contango market structures, where prices for immediate supply are lower than for later delivery and which typically indicate that near-term supply is abundant and demand is declining.

Prices have fallen as the Organization of the Petroleum Exporting Countries and its allies including Russia, known as OPEC+, have pushed ahead with plans to add more oil to the market.