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Oil prices fell for the second consecutive day on Thursday, as a report showing an increase in U.S. crude inventories heightened concerns that global supply exceeds current fuel demand.
Accordingly, Brent crude futures dipped three cents, or 0.03 percent, to $62.69 per barrel.
West Texas Intermediate, the U.S. benchmark, also saw a decline of five cents, or 0.09 percent, settling at $58.44 per barrel.
Figures from the American Petroleum Institute reported on Wednesday that U.S. crude inventories rose by 1.3 million barrels in the week ending November 7, while gasoline and distillate stocks saw a decrease.
Prices dropped by more than two dollars per barrel yesterday after the Organization of the Petroleum Exporting Countries (OPEC) published its monthly report, indicating that global oil supply would slightly exceed demand in 2026, a shift from previous forecasts which suggested a supply deficit.
