09:15 AM EDT, 10/15/2025 (MT Newswires) -- Oil prices rose early on Wednesday, rebounding from a five-month low that came on fresh warnings of an over-supplied market.

West Texas Intermediate crude oil for November delivery was last seen up US$0.31 to US$59.01 per barrel, rising off the lowest since May 7, while December Brent crude rose US$0.24 to US$62.63.

Oil has dropped 7.3% over the past month on easing geopolitical risk following a ceasefire in Israel's war in Gaza and as supply rises above demand amid rising production from OPEC+ and Western Hemisphere producers.

The International Energy Agency on Tuesday added fresh price concerns as it warned global supply has climbed above demand, as production rose by 5.6-million barrels per day in September from the year-prior month, while demand is up by only 750,000 bpd, pushing inventories to a four-year high in August.

"The IEA saw volume of oil on water rising by 102mb, global supply to rise over this calendar year by 3mbpd from 2.7mbpd, world oil demand growth reducing to 710kbpd from 740kbpd in 2025 with an eye catching view on how global oil supply was up by 5.6mbpd compared with that of a year ago," PVM Oil Associates noted.

Still, Ukraine's attacks on Russian oil infrastructure are offering support to oil prices, with the IEA estimating the strikes on refineries has cut product output from the country by 500,000 barrels per day, causing domestic fuel shortages and forcing the suspension of product exports until year end.