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Oil prices rise as market awaits clarity on supply
Business World Philippines
|November 28, 2025
Oil prices settled up on Wednesday, bouncing back from one-month lows in the previous session, as investors assessed prospects of oversupply and talks over a Russia-Ukraine peace deal ahead of the US Thanksgiving holiday.
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Brent crude futures settled 65 cents, or 1.04%, higher to $63.13 a barrel, while US West Texas Intermediate (WTI crude futures gained 70 cents, or 1.21%, at $58.65.
US crude inventories climbed by 2.8 million barrels to 426.9 million barrels last week as imports surged, the Energy Information Administration said on Wednesday. Analysts had expected a 55,000-barrel rise.
“We are definitely on the road to a rather healthy supply glut, there is no doubt about it, and the crude build is indicative of that,” said John Kilduff, partner with Again Capital.
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