International crude oil prices fell on October 20, settling at their lowest level since early May. Investors were concerned about the risk of a global crude oil surplus amid escalating US-China trade tensions, which heightened fears of an economic slowdown and weakening energy demand.

West Texas Intermediate (WTI) crude for November delivery decreased by US$0.02 (0.03%), reaching US$57.52 per barrel on the New York Mercantile Exchange. Brent crude for December delivery fell by US$0.28 (0.46%), settling at US$61.01 per barrel.

Both benchmark crude oil futures prices ultimately closed at their lowest levels since early May.