WTI crude futures climbed close to 2% in Asian electronic trade on Friday, moving above $60 per barrel as traders reacted to fresh supply risks from upcoming US sanctions on Russia's Lukoil, which will block transactions after November 21. The geopolitical support, however, was tempered by the IEA's warning of a widening global oil glut, with supply seen exceeding demand by 2.4 million barrels per day this year and 4 million next year. OPEC's Q3 surplus, stronger US output, and another inventory build added to oversupply pressures. On the MCX, November crude traded 1.2% higher at ₹5291 per barrel, but gains remained limited after the EIA reported a larger-than-expected rise in US crude stocks, with inventories up 6.4 million barrels to 427.6 million barrels in the week ending November 7.

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