Oil prices fell on Thursday, extending the losses recorded the day before. Brent crude futures slipped 9 cents, or 0.1%, to $62.62 a barrel, while U.S. West Texas Intermediate dropped 11 cents, or 0.2%, to $58.38 a barrel. The decline was prompted by a report from the American Petroleum Institute showing that U.S. crude inventories rose by 1.3 million barrels in the week ending 7 November. Although gasoline and distillate stockpiles fell, the overall increase in crude supplies added to the downward pressure on prices.
The inventory buildup aligns with the Organization of the Petroleum Exporting Countries’ (OPEC) revised outlook, which now projects that global oil supplies will slightly exceed demand in 2026. This marks a shift from OPEC’s earlier expectation of a deficit, reflecting higher output from OPEC+ members, including Russia. The U.S. Energy Information Administration (EIA) is slated to release its own inventory figures later on Thursday, which should provide further insight into market conditions. The agency has already forecast that U.S. oil production will hit a record high this year, surpassing previous estimates.
Overall, the outlook for oil prices remains bearish. The EIA predicts that global oil inventories will continue to grow through 2026 as production outpaces demand for petroleum fuels, a trend likely to keep prices near current levels. Investors and analysts will be watching the forthcoming EIA reports and OPEC’s production decisions closely to gauge the future direction of oil prices.
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