Khaberni - Oil prices largely stabilized early on Thursday after recording their lowest levels in two weeks at the settlement of the previous session amid continued market pressures due to weak demand and a global oil supply surplus.
Brent crude futures rose by two cents or 0.03% to $63.54 a barrel by 01:27 GMT, while West Texas Intermediate futures in the U.S. stabilized at $59.60.
J.P. Morgan stated in a note to clients that global oil demand has increased since the beginning of the year until November 4 by approximately 850,000 barrels per day, which is less than the previously anticipated growth of 900,000 barrels per day.
In the previous session, oil prices declined after the U.S. Energy Information Administration reported that U.S. crude oil inventories rose by 5.2 million barrels to 421.2 million barrels last week, compared to expectations of an increase of 603,000 barrels.
Globally, oil prices have fallen for the third consecutive month in October due to concerns about a surplus in supply following production increases by the Organization of the Petroleum Exporting Countries and its allies, which coincide with continued increases in production by non-member producers.
