Oil prices continue to be low as investors evaluate mixed US inventory data and the outlook of persistent supply excesses.

WTI fell by 1.6%, closing below $60 per barrel. When this key level is breached, it often triggers accelerated buying. Oil prices have been fluctuating within a range of around $2 since the beginning of last week.

Data released by the US government on Wednesday showed that crude oil inventories increased by 5.2 million barrels for the week ended October 31, and this news put pressure on oil prices.

However, the stockpile of refined oil products has generally decreased, indicating that demand remains resilient, thereby limiting the potential downward momentum.

"The rebound in imports and the seasonal maintenance period caused refinery activities to be sluggish, leading to an increase in U.S. crude oil inventories," said Matt Smith, the chief petroleum analyst for Kpler America, a market intelligence compan

WTI has fallen by about 17% so far this year, and increased production by OPEC+ and other oil-producing countries has exacerbated market concerns about global oversupply.

Mercuria officials stated on Wednesday that the excess supply in the oil market could reach up to 2 million barrels per day next year.

The WTI crude oil futures price for December delivery fell by 1.59%, with the settlement price at $59.60 per barrel.

Brent crude oil fell by 1.43% in January, closing at $63.52 per barrel.