West Texas Intermediate (WTI) trades near $60.00 in Wednesday’s Asian session, extending losses as data from the American Petroleum Institute (API) revealed a 6.5 million-barrel rise in US crude inventories — the largest increase in over three months. The build-up has renewed demand concerns ahead of the EIA’s official stockpile report later today.

Despite the bearish pressure, geopolitical tensions continue to offer some support. Kyiv’s intensified attacks on Russian oil infrastructure — including Lukoil’s Nizhny Novgorod refinery and other key plants — have raised fears of supply disruptions.

Overall, WTI remains under pressure from swelling US inventories, but rising geopolitical risks could help limit deeper losses in the near term.