Crude Oil Dims as US Inventories Surge: Is $60 the Next Stop

Crude oil prices lost their shine after a weak US crude oil inventory. It hits an intraday low of  $61.78 and is currently trading around $62.04.

For the week ending October 3, 2025, US crude oil stockpiles grew by 3.72 million barrels, far beyond the expected 700,000–2.3 million barrels and representing the With 420.3 million barrels, commercial stocks remain still 4% below the five-year mean, the greatest build since early July. This turned three weeks of losses fueled by a 124,000 bpd increase in production to 13.6 million bpd and a 570,000 bpd rise in imports to 6.4 million. bpd and a 161,000 bpd export decrease to 3.6 million bpd. With inputs increased 130,000 bpd to 16.3 million bpd, refinery use rose to 92.4%; the main Cushing hub saw a supportive 763,000-barrel draw, the most since June: 22.7 million barrels.

By contrast, product inventories tightened with gasoline stocks falling 1.6 million barrels and distillates down 2.018 million barrels—beating forecasts—against all-time US product demand of 21.99 million bpd, the most since December 2022. With Brent up 1.2% to $66.25 per barrel and WTI up 1.3% to $62.39 per barrel, this downstream strength helped to increase pricing even in light of the oil glut. The statistics highlight a sophisticated market: abundant crude supply moderated by strong refining and consumption, justifying a modest 137,000 bpd November increase in accordance with OPEC+. To prevent supply concerns, a cautious production posture is taken.

Price Resistance and Support Levels

The near-term resistance is around $63.20; any breach above this level could push prices higher to $63.84/$64.20/$65.On the downside, immediate support is at $61.75 violation below targets  $61/$60/$57.97/$55.

 It is good to sell on rallies around $63.20-25 with a stop-loss around $64.25 and a target price of $60/$55.