WTI crude oil futures hovered below $60 per barrel on Thursday, holding a two-day decline to a two-week low, as a large inventory build amplified concerns about oversupply. Government data showed that US crude stocks surged by more than 5 million barrels last week, marking the biggest increase since July. However, US gasoline inventories fell by nearly 5 million barrels to a three-year low. The increase in crude inventories added to worries as output continues to grow among both OPEC+ members and non-member producers, stoking fears of a global glut. Commodities trader Mercuria said the surplus is forming gradually but could reach 2 million barrels per day next year. OPEC+ also recently approved a modest production increase for December but plans to pause further hikes in early 2026, reflecting caution amid weakening demand. Offsetting some losses, Russia’s Tuapse port suspended fuel exports and refinery operations after Ukrainian drone attacks damaged its infrastructure.
