WTI holds firm above $60 amid supply concerns

David Morrison

SENIOR MARKET ANALYST

05 Nov 2025

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Crude oil prices were largely unchanged this morning. Front month WTI continued to hold above $60 per barrel, and this level is building as support on a closing basis. The market remained steady as traders considered the latest inventory update from the American Petroleum Institute (API). The API reported an increase in US stockpiles of 6.5 million barrels last week.

Source: TN Trader

If confirmed, this could be the biggest inventory build since July. The data added to supply concerns that have persisted for several months, especially with global production continuing to climb. The US Energy Information Administration will release its own update later this afternoon.  At current levels, WTI has dropped around 25% since the highs hit in mid-January this year.

This reflects persistent worries about oversupply, even as the outlook for global demand growth continues to moderate. OPEC+ has announced that there will be no further production increases for the first quarter of 2026. The group has spent most of this year unwinding earlier production cuts designed to boost prices.


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