Core Insights - Oil prices experienced a decline due to concerns over excess supply and potential demand risks linked to escalating tensions between the U.S. and China, the two largest oil consumers in the world [1] Supply Concerns - The market is facing worries about an oversupply of oil, which is contributing to the downward pressure on prices [1] Demand Risks - Tensions between the U.S. and China are raising concerns about future demand for oil, as both countries are significant consumers [1]