By Georgina McCartney

Summary:

– Brent and WTI settle at lowest since early May.

– Contango signals traders expect long-term oil oversupply.

– U.S.- China trade war fuels demand and economic worries.

HOUSTON — Oil prices settled at their lowest since early May 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 settled down 28 cents, or 0.46%, at $61.01 a barrel. U.S. West Texas Intermediate futures settled down 2 cents, or 0.03%, to $57.52.

Both benchmarks fell more than $1 earlier in the session, and both closed at their weakest levels since early May.

Oil traders’ concerns have shifted from under-supply to over-supply, the futures contra

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