Core Insights - Crude oil prices are experiencing a weekly decline due to concerns over a supply overhang, with record volumes of crude oil entering floating storage despite some disruptions in Russian oil flows following new U.S. sanctions [1][3]. Price Trends - As of the latest data, Brent crude is priced at $63.69 per barrel and West Texas Intermediate at $59.73 per barrel, showing an increase from Thursday but a decrease from the beginning of the week [2]. Supply Dynamics - Reports indicate that oil in transit has reached record levels, attributed to sanctions targeting Russian tankers and increased Middle Eastern cargoes. Gunvor's CEO noted that floating storage levels are at an all-time high, which is balancing the global market and preventing a glut [3][4]. Inventory Levels - The U.S. Energy Information Administration reported a significant unexpected increase in crude oil inventories, with a build of 5.2 million barrels for the week ending October 28, contributing to downward pressure on oil prices [5]. Market Outlook - Analysts from ING stated that they will not adjust their oil market forecasts until the impact of U.S. sanctions on Russian oil flows becomes clearer, highlighting that China continues to purchase Iranian and Venezuelan oil despite sanctions against those countries [6].