Oil traded near the lowest level in a month as concerns that economic turmoil could slow global demand outweighed expectations for a seasonal decline in U.S. crude stockpiles.

Prices in New York were little changed, after front-month futures closed at the lowest level since June 21 on Monday. Escalating trade conflict between the U.S. and China — the world’s two biggest economies — threatens to derail growth across the globe, raising speculation that crude demand could be affected. Meanwhile, America’s oil stockpiles are forecast to have fallen for the second time in three weeks, according to a Bloomberg survey.

Crude has tumbled more than 8 percent this month as the trade spat between the U.S. and China has intensified, with uncertainties impinging on global growth. While the Organization of Petroleum Exporting Countries may boost output by 200,000 barrels a day by the end of 2018, according to a Barclays Plc estimate, investors remain concerned that the war of words between the U.S. and Iran over oil exports and sanctions portends supply risks.

“Prices are a little more bearish, although it is a more modest decline; we don’t see a price collapse and it’s still high $60s,” said David Lennox, a Sydney-based resource analyst at Fat Prophets. “Supply comes and goes, demand comes and goes, but if global growth is looking softer, one would see the impact in due course for oil prices.”

West Texas Intermediate crude for September delivery was at $67.69 a barrel on the New York Mercantile Exchange, down 20 cents, at 11:47 a.m. in Singapore. The contract fell 37 cents to $67.89 on Monday. Total volume traded was about 53 percent below the 100-day average.

Brent for September settlement slid 19 cents to $72.87 a barrel on the London-based ICE Futures Europe exchange. Prices on Monday fell 1 cent to $73.06. The global benchmark crude traded at a $5.18 premium to WTI.

Yuan-denominated futures rose 0.8 percent to 494.4 yuan a barrel on the Shanghai International Energy Exchange, after falling 0.6 percent on Monday. Report by BLOOMBERG