Oil prices weakened on Thursday (November 6th) as the market digested rising US inventory data and lingering concerns about oversupply. WTI traded below $60 and Brent below $64, continuing its two-day decline amidst relatively flat trading since last week. Sentiment was weighed down by the prospect of a future supply surplus.
The official EIA report showed that US crude oil stocks rose by 5.2 million barrels in the week ending October 31st, while gasoline and distillate inventories fell, indicating still-resilient product demand. The API had previously forecast a larger stock increase of +6.5 million barrels, so the continued increase in EIA data maintained a bearish price bias.
On the policy front, the market also assessed OPEC+'s decision to delay a production increase in the first quarter of 2026, a move seen as an acknowledgement of the risks of a supply surplus, though not a reversal of strategy. This cautious tone also limited the price rally, especially amidst a previously strong dollar. The next focus will be on global demand growth and the next OPEC+ signal regarding the 2026 supply path. (az)
Source: Newsmaker.id
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