US crude inventories rose by 1.3 million barrels in the week ended November 7, according to market sources on Wednesday, citing data from the American Petroleum Institute. Gasoline and distillate inventories fell, citing API data.
Prices fell more than $2 a barrel on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said global oil supply would slightly exceed demand in 2026 — a further departure from the group’s previous estimates of a deficit.
OPEC, a group of producers that includes OPEC members and allies such as Russia, said it expected a supply surplus next year due to a broad output increase by OPEC+.
Global oil inventories are set to grow through 2026 as production grows faster than demand for petroleum fuels, the EIA added, adding to pressure on oil prices.
