Oil prices declined on Thursday, building on the previous day’s losses, as a report indicating rising crude inventories in the United States exacerbated concerns that global supply surpasses current fuel demand. Brent crude futures decreased by 9 cents, or 0.1%, to $62.62 a barrel, while U.S. West Texas Intermediate crude fell by 11 cents, or 0.2%, to $58.38 a barrel.

The decline follows a report by the American Petroleum Institute, which stated that U.S. crude stockpiles increased by 1.3 million barrels in the week ending November 7. Although gasoline and distillate stockpiles dropped, the overall rise in crude inventories has contributed to the downward pressure on oil prices. This development is consistent with the Organization of the Petroleum Exporting Countries’ (OPEC) revised forecast, which suggests that global oil supplies will slightly exceed demand in 2026.

OPEC’s projection marks a shift from its earlier predictions of a deficit, citing increased production by OPEC+ members, including Russia. The U.S. Energy Information Administration (EIA) is expected to release its own inventory data later on Thursday, which may provide further insight into the current state of the oil market. The EIA has already forecast that U.S. oil production will reach a record high this year, surpassing previous estimates.

The outlook for oil prices remains bearish, with the EIA predicting that global oil inventories will continue to grow through 2026 as production outpaces demand for petroleum fuels. This trend is likely to exert downward pressure on oil prices, which may remain near current levels in the coming period. As the oil market continues to evolve, investors and analysts will closely monitor the EIA’s upcoming reports and OPEC’s production decisions to gauge the future direction of oil prices.