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Commodity News Details
WTI climbs above $59 but oversupply clouds outlook
28-Nov-2025 12:45
WTI crude futures rose above $59 per barrel in early Asia trade on Friday, but the market remained under pressure as it headed for a fourth straight monthly loss. Oversupply fears intensified as OPEC+ restored capacity and non-OPEC producers ramped up output. The group is widely expected to maintain its pause on production increases during Sunday's online meeting, reflecting caution amid weak prices and rising inventories. Adding to the uncertainty, U.S. President Donald Trump's renewed push for a Ukraine peace deal could unlock more Russian supply. The International Energy Agency warned of a potential 5 million bpd inventory build in early 2026, a record glut that could deepen the downturn. On the domestic front, MCX December crude futures traded 0.3% higher at ₹5306, with resistance seen near ₹5340.

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