West Texas Intermediate crude oil shows tentative signs of stabilization, trading near $58.80 with a daily gain of 0.70% on Thursday. This modest recovery follows a period of extreme volatility, which included a sharp 4% decline during the previous session. The commodity is attempting to find its footing after a turbulent start to the week that rattled energy markets.
The recent selling pressure was primarily driven by mounting fears of a global supply glut. These concerns were significantly amplified by a substantial surge in US crude inventories, as reported by the Energy Information Administration (EIA). The data pointed to a larger-than-expected build, reinforcing anxieties that the market is becoming oversupplied and weighing heavily on the exchange rate for the US dollar-denominated commodity.
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Data Source: GrowingPool Analysis Team Updated: 2025-11-13 17:40
Disclaimer: This article is for reference only and does not constitute investment advice. Forex trading involves risks; please make decisions carefully.