US Oil inventories do not reflect oversupply – Commerzbank

Oil prices recovered slightly this week, primarily due to relief that the eight OPEC+ producer countries will 'only' increase their production by a further 137,000 barrels per day in November.

US gasoline inventories and distillate stocks remain lower than usual

"In addition, the hard figures still do not show any clear oversupply: US crude Oil stocks rose by 3.7 million barrels in the week ending October 3 compared to the previous week, which was more than expected. However, they remain lower than usual, at 4.7% below the five-year average."

"In addition, the US gasoline inventories and distillate stocks have fallen and remain lower than usual, even though the distillate inventory situation in the US had improved significantly in previous weeks."