08:51 AM EST, 11/12/2025 (MT Newswires) -- Oil prices weakened early Wednesday, but still remained firmly rangebound as strong demand and tight supply for refined products is offsetting abundant supplies of crude oil .

West Texas Intermediate (WTI) crude oil for December delivery was last seen down US$0.86 to US$60.18 per barrel, while January Brent oil was down US$0.87 to US$64.29.

The drop follows on three days of gains for WTI and keeps the commodity's price near the US$60.00 range it has stuck to since late October. Supply remains robust amid rising production from OPEC+ and producers in North and South America. However, demand for gasoline and diesel amid lower Russian exports due to Ukrainian attacks on it refineries and U.S. sanctions has cut into supply of the fuels. Product demand could also be bolstered by the re-opening of the U.S. government, with the House set to vote on a deal reached by the Senate later this afternoon.

"More people getting paid means more people spending money with some of that being expressed in energy demand. This comes at a time when products are leading a charge in the oil sector with refining in the spotlight due to sustained damage to facilities in Russia and how US sanctions on Lukoil and Rosneft are causing headaches to those still engaged with the oil business of Moscow," PVM Oil Associates noted.

Traders are also awaiting the release of monthly forecasts from the Energy Information Administration, coming later on Wednesday, while the International Energy Agency's November Oil Market Report will be released on Thursday.

"Attention now turns to a series of monthly oil market reports ... which may provide clearer guidance on the size and timing of an expected global surplus," Saxo Bank noted.

The Energy Information Administration's weekly inventory report, usually issued on Wednesday, is delayed by a day due to the Veterans Day holiday.