There has been an observed decline in Oil levels since July, as recent indications note its lowest drop in intraday level by faltering demands and depressing prices. London futures traded less than $42 a barrel following Monday’s 1.5% drop.

Only four of 10 Asian refiners surveyed by Bloomberg said they would look to purchase more Saudi Arabian crude, after the kingdom cut pricing for October with consumption staying less than pre-virus levels.

Abu Dhabi National Oil Co joined in the price cuts on Tuesday, the latest response to a sluggish demand backdrop in the world’s biggest oil-consuming region. The bleak short-term outlook persisting for oil prices follows with a stalling Asian demand recovery, US summer driving session coming to a close and further supply from the OPEC+ alliance.

Brent crude’s three-month time spread is nearing the widest contango — where prompt prices are cheaper than later-dated ones — since late May, an indication that concerns about oversupply are returning.

“The key concern for the market remains demand,” said Warren Patterson, head of commodities strategy at ING Bank NV. “With China having restocked in prior months, sizable fresh Chinese buying appears to be absent from the market at the moment.”

Brewing tensions between the USA and China over the pick up in Chinese demand lead to coupling concerns. President Donald Trump said that he intends to curb the US economic relationship with China, threatening to punish any American companies that create jobs overseas and forbid those that do business in China from winning federal contracts.