08:37 AM EST, 11/19/2025 (MT Newswires) -- Oil prices retreated early Wednesday after a report showed a higher than expected rise in U.S. inventories last week, adding to concerns the market is over supplied amid rising production.

West Texas Intermediate (WTI) crude oil for December delivery was last seen down US$1.56 to US$59.18 per barrel, while January Brent crude was down US$1.59 to US$63.30.

In its weekly survey, the American Petroleum Institute said U.S. oil inventories rose by 4.4-million barrels per day last week, following a week-prior rise of 1.3-million barrels. Gasoline and distillate inventories also rose. The Energy Information Administration will release official data later on Wednesday morning.

Higher stocks are reinforcing concerns the market is over supplied on higher production from producers within and outside OPEC+. The cartel ended the return of 2.2-million barrels per day of production cuts in September, followed by monthly hikes of 137,000 bpd slated to end in December, as the group looks to regain market share amid rising output from producers in North and South America.

Oil has stuck to a tight range for a month, with WTI staying near US$60.00 as traders adjust to an over-supplied market while planned U.S. sanctions on Russia's two largest producers coming on Nov. 21 promise to cut the country's exports, supporting prices.

"The US Department of the Treasury's Office of Foreign Assets Control (OFAC) added Lukoil and Rosneft to the Specially Designated Nationals List (SDN) has left the Kremlin's largest customers, India and China, baulking at further commitments to offer berths for Russian oil, well, at least berths that can be viewed. At present analysts reckon on the total purchases by Indian refiners being down by 1mbpd and how China's seaborne imports have almost halved," PVM Oil Associates noted.