The post WTI Crude languishes below $60.00 as oversupply concerns remain alive appeared on BitcoinEthereumNews.com.

Oil prices have ticked up from Wednesday’s lows at $58.65, reaching session highs above $59.60 at the time of writing. A new set of US sanctions on Russia takes effect on November 21, which is expected to restrict exports of Russian oil and provide some support for the commodity. Data released on Wednesday by the US Energy Information Administration (EIA) revealed a larger-than-expected withdrawal of Crude Oil Stocks, which fell by 3.426 million barrels on the week of November 14, beating expectations of a 1.9 million decline. These figures have offset the impact of a report by the American Petroleum Institute, released the day before, which showed a 4.4 million buildup in Oil stocks, following a 1,3 million increase in the previous week. Thursday’s recovery, however, is hardly making up for the 2.3% decline seen on Wednesday. Rumours of US-Russia secret negotiations to end the war in Ukraine are watering down the expected impact of the sanctions on Russia. Meanwhile, producer countries are expected to continue hiking output in times of weaker global demand, which is boosting market concerns of an oversupply. The OPEC supply Outlook, released last week, assessed that world Oil supply will match global demand next year amid the OPEC+ output hikes. This statement highlights a shift from previous estimations of a global Oil deficit in 2026 and triggered sharp declines in Crude prices. WTI Oil FAQs WTI Oil is a type of Crude Oil sold on international markets. The WTI stands for West Texas Intermediate, one of three major types including Brent and Dubai Crude. WTI is also referred to as “light” and “sweet” because of its relatively low gravity and sulfur content respectively. It is considered a high quality Oil that is easily refined. It is sourced in the United States and distributed via the…

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Filed under: News - @ November 20, 2025 11:26 am