Oil prices ticked up on Thursday, finding some relief after hitting two-week lows in the previous session, as fears of a supply glut moderated despite ongoing signs of weak demand.
At 07:53 GMT, Brent crude futures were up 24 cents, or 0.38%, at $63.76 a barrel, while U.S. West Texas Intermediate (WTI) gained 25 cents, or 0.42%, to $59.85.
The rebound followed a three-month losing streak for global crude benchmarks, which have been weighed down by growing production from OPEC+ members and non-OPEC suppliers alike.
According to Haitong Securities, sentiment began to stabilize late last month after U.S. and U.K. sanctions on major Russian oil companies curbed the market’s bearish tone. “There was a shift in oil price momentum at the end of October,” the firm noted, adding that OPEC+’s move to pause further output increases in early 2026 also helped to ease supply concerns.
Still, sluggish demand remains a key drag on prices.
In a recent client note, J.P. Morgan said global oil demand had risen by 850,000 barrels per day through November 4 — slightly below its earlier projection of 900,000 barrels per day. “High-frequency indicators suggest that U.S. oil consumption remains subdued,” the bank said, pointing to lower travel activity and a slowdown in container shipping.
On Wednesday, oil prices fell after U.S. government data showed crude inventories rising far more than expected. The Energy Information Administration reported an increase of 5.2 million barrels last week to 421.2 million barrels, compared with expectations for a smaller 603,000-barrel build.
“We think that downward pressure on oil prices will prevail, supporting our below-consensus forecast of $60 per barrel by end-25 and $50 per barrel by end-26,” Capital Economics said in a note.
Adding to the bearish tone, Saudi Arabia — the world’s top crude exporter — sharply lowered December prices for Asian buyers, reflecting the well-supplied state of the market as OPEC+ producers continue to ramp up output.