Oil prices declined on Thursday as concerns over a recovery in global supply and a weaker demand outlook continued to pressure the market.
International benchmark Brent crude was trading at $62.51 per barrel at 09.36 a.m. local time (0636 GMT), down 0.03% from the previous close of $62.53.
US benchmark West Texas Intermediate (WTI) also decreased by about 0.01% to $58.43, compared to $58.44 in the prior session.
Weak demand signals from the US, the world's largest oil consumer, pressured prices. The American Petroleum Institute (API) estimated that US commercial crude inventories increased by 1.3 million barrels last week.
The US Energy Information Administration (EIA) is set to release official data later in the day.
Additionally, the EIA's November 2025 Short-Term Energy Outlook report forecast a further rise in US crude production, contributing to the bearish sentiment. The agency expects US crude output to average 13.59 million bpd this year and 13.58 million bpd next year.
The EIA also projected global oil supply to average 105.98 million bpd this year and 107.37 million bpd in 2026, while global consumption is expected at 104.14 million bpd in 2025 and 105.20 million bpd in 2026.
Meanwhile, the Organization of the Petroleum Exporting Countries (OPEC) said in its monthly oil market report released Wednesday that the group's crude oil production increased by 33,000 barrels per day (bpd) in October compared to the previous month, reaching 28.46 million bpd.
These figures suggest that the global supply recovery continues, while demand growth remains sluggish, reinforcing downward pressure on oil prices.
Markets are now awaiting the International Energy Agency's (IEA) monthly report for further insight into global demand trends.
By Ebru Sengul Cevrioglu
Anadolu Agency
energy@aa.com.tr