HOUSTON — Oil prices fell around 1% on Monday as investors weighed a potential global glut, with U.S.-China trade tensions adding to concerns about an economic slowdown and weaker energy demand.

Brent crude futures were down 57 cents, or 0.93%, at $60.72 a barrel as of 11:25 a.m. EDT (1525 GMT), while U.S. West Texas Intermediate futures fell 42 cents, or 0.73%, to $57.12.

Both benchmarks fell more than $1 earlier in the session.

Oil traders’ concerns have shifted from under-supply to over-supply, the futures contract structure of the global benchmark Brent showed.

The six-month spread for Brent and U.S. crude futures both show contracts for earlier loading are trading below those for later loading, a structure known as contango, which encourages traders to pay for storing oil so it ca

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