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RegExp("[?&]notifications=1(&|#|$)");"desktop"===y&&i&&b.test(window.location.search)&&(i.checked=!0)};ge("ybar-mod-notification",(function(e){var t={isUH3:"crunch"===e.getConfig().ytheme,notifContainer:document.getElementById("notification-container"),notifBadge:document.getElementById("notif-badge"),notifMenu:document.getElementById("ybarNotificationMenu"),notifMenuOpener:document.querySelector("#ybarNotificationMenu + label"),notifDropdown:document.getElementById("notifDropdownContainer"),tooltipContainer:document.querySelector(".".concat($n)),notifLabel:document.querySelector(".".concat(Xn))};t.notifDropdown&&so(e,t)}))}()}};]]>Mia Gindis and Alex LongleyWed, November 5, 2025 at 5:16 PM GMT+1 2 min readAn oil pumping jack in an oil field in Kansas, U.S. Photographer: Angus Mordant/Bloomberg(Bloomberg) -- Oil extended a run of lackluster trading as investors assessed mixed US inventory data and a persistent outlook for oversupply.West Texas Intermediate was near $61, with prices undulating in a band of about $2 since early last week. Equities traded in the green after a two-day losing streak, providing some support to crude. Most Read from BloombergTrump’s 90,000-Square-Foot Ballroom Plan Puzzles the ExpertsCan Anyone Save Gary, Indiana?Boston’s South Station Gets a Towering MakeoverIn Vancouver, A Court Ruling on Indigenous Land Triggers Real Estate AngstThe wider market strength gave futures some direction after a US government report showed crude inventories rose 5.2 million barrels last week. That’s the biggest increase since July, but lower than a mostly priced-in forecast by a closely followed industry group. Product inventories fell across the board, indicating resilient demand and limiting potential bearish momentum.“A rebound in imports and subdued refining activity amid seasonal maintenance has encouraged a build to US crude inventories,” said Matt Smith, Americas lead oil analyst at market intelligence firm Kpler. “Observed crude export loadings were also materially lower than those reported by the EIA, contributing to the crude build.”The US benchmark has fallen about 14% this year as increased production from OPEC+ and non-member nations amplified concerns that a global glut would form. The boss of commodities trader Mercuria said at the Adipec conference on Wednesday that an oversupply in the oil market is slowly forming and likely to be as much as 2 million barrels a day next year.Meanwhile, India’s Reliance Industries, usually a major buyer of crude, sold a shipment of Iraqi oil to a refiner in Europe. The reasons for the move were unclear, but there’s heightened focus on the activity of Indian refiners after the US sanctioned Russia’s two largest oil producers, setting the stage for a possible slump in purchases from Moscow. --With assistance from John Deane and Weilun Soon.Most Read from Bloomberg BusinessweekA Wave of US Layoffs Flash Early Warning Sign for Job MarketMen’s Groups (Not ‘Boys Clubs’) Quietly Emerge in Big BusinessPortugal Has Plenty of Tourists. Now It Wants Data CentersNew York’s Golden Handcuffs: Why the City Has a Special Hold on the RichAllow Zohran Mamdani to Reintroduce Himself©2025 Bloomberg L.P.Terms and Privacy PolicyPrivacy & Cookie SettingsMore InfoS&P 5006,810.94 +39.39 (+0.58%)Dow 3047,182.47 +97.23 (+0.21%)Nasdaq23,552.86 +204.23 (+0.87%)Russell 20002,446.99 +19.66 (+0.81%)VIX17.79 -1.21 (-6.37%)Gold3,989.40 +28.90 (+0.73%)PortfolioSign in to access your portfolioSign inTop gainersLMND Lemonade, Inc. 76.41 +17.74 (+30.25%)TDC Teradata Corporation 25.96 +5.25 (+25.35%)LITE Lumentum Holdings Inc. 232.99 +44.63 (+23.69%)VCYT Veracyte, Inc. 44.08 +7.96 (+22.04%)TEVA Teva Pharmaceutical Industries Limited 24.89 +4.43 (+21.63%)Top losersSLNO Soleno Therapeutics, Inc. 45.06 -18.79 (-29.43%)TREX Trex Company, Inc. 33.76 -13.28 (-28.23%)PINS Pinterest, Inc. 25.97 -6.94 (-21.10%)PRGO Perrigo Company plc 16.39 -3.80 (-18.82%)ACMR ACM Research, Inc. 31.94 -6.96 (-17.88%)Most activeNVDA NVIDIA Corporation 201.66 +2.96 (+1.49%)RIVN Rivian Automotive, Inc. 14.49 +1.98 (+15.88%)PLTR Palantir Technologies Inc. 185.41 -5.29 (-2.77%)PLUG Plug Power Inc. 2.5455 +0.0255 (+1.01%)TSLA Tesla, Inc. 451.61 +7.35 (+1.66%)Earnings eventsMy earnings eventsEarnings eventsTrending tickersBTC-USD Bitcoin USD 103,566.69 +729.73 (+0.71%)LMND Lemonade, Inc. 76.83 +18.17 (+30.98%)RIVN Rivian Automotive, Inc. 14.55 +2.05 (+16.40%)PINS Pinterest, Inc. 26.04 -6.87 (-20.87%)SLDP Solid Power, Inc. 8.72 +3.11 (+55.30%)Top economic events