Oil prices dips

Reuters

Singapore

Oil prices held near two-month lows on Monday amid worries that a global crude and refined product glut would weigh on markets for some time to come.

International Brent crude oil futures were trading at $45.51 per barrel at 0623 GMT, down 18 cents from their previous close. U.S. West Texas Intermediate (WTI) crude was at $44.03, down 16 cents a barrel.

Both benchmarks were close to two-month lows reached last week.

Traders said that ongoing oversupply and growing economic headwinds were weighing on oil.

"Global oil demand in Q3 16 is growing at less than one-third the rate it was in Q3 15, weighed down by anemic economic growth," Barclays said on Monday.

"Demand support from the OECD has faded, while growth from China and India has slowed," the British bank said.