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Commodity News Details
Oil retreats toward $60 as stockpiles swell
19-Nov-2025 13:06
WTI crude oil futures drifted toward 60 on Wednesday, surrendering earlier gains as a fresh surge in US inventories overshadowed geopolitical anxieties tied to Russia-related sanctions. The API's reported 4.4 million barrel build, the third in a row, signals the highest stock levels in over five months and reinforces fears of swelling oversupply. The International Energy Agency deepened the bearish narrative, projecting an overwhelming surplus next year of up to 4.09 million barrels per day as both OPEC+ and rival producers accelerate output while demand expansion moderates. The IEA expects global supply to expand by around 3.1 million bpd in 2025 and 2.5 million bpd next year, outpacing demand despite a modest upward revision. The agency now sees demand rising by 770,000 bpd next year. Reflecting this broader weakness, MCX December crude oil futures traded marginally lower by 0.2% at ₹5365 per barrel.

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