Oil Prices Slide Amid Rising U.S. Crude Inventories

Oil markets continued their slide on Thursday, with both Brent and West Texas Intermediate (WTI) crude extending losses from the previous session. Concerns over ample global supply and rising U.S. crude inventories pushed prices lower, even as analysts caution that fundamentals remain broadly stable.

Brent crude fell 9 cents, or 0.1%, to $62.62 a barrel, following a sharper 3.8% drop on Wednesday. Meanwhile, U.S. WTI crude declined 11 cents, or 0.2%, to $58.38 a barrel, after losing 4.2% the day before.

The downward pressure comes after the American Petroleum Institute reported a 1.3 million-barrel rise in U.S. crude stockpiles for the week ending November 7. Gasoline and distillate inventories, however, saw slight declines, reflecting continued domestic fuel consumption.

Adding to market caution, OPEC revised its outlook for 2026, projecting that global oil supply will slightly exceed demand. The shift from earlier deficit projections signals the possibility of a surplus next year, partly driven by production increases from OPEC+ members, including Russia.

Industry analysts noted that Wednesday’s sharp price drop reflected a release of pent-up bearish sentiment, with the combination of OPEC’s revised forecast and U.S. inventory gains amplifying market pressure.

U.S. oil production is also expected to hit a higher record this year than previously forecast, according to the Energy Information Administration, while global inventories are projected to grow through 2026.

Despite the recent weakness, some observers see price support near $60 a barrel, particularly in light of potential short-term disruptions to Russian exports under tighter sanctions.

Oil traders now await the official U.S. inventory report from the EIA later today, which could further influence market direction.