Khaberni - Oil prices fell for the second consecutive day on Thursday as a report showing a rise in crude inventories in the United States, the world's largest oil consumer, heightened fears that the global supply exceeds current fuel demand.
By 0234 GMT, Brent crude futures were down three cents or 0.03 percent to $62.69 a barrel after falling 3.8 percent in the previous session.
US West Texas Intermediate crude fell five cents or 0.09 percent to $58.44 a barrel, continuing losses of 4.2 percent on Wednesday.
Market sources citing figures from the American Petroleum Institute on Wednesday stated that US crude inventories rose by 1.3 million barrels in the week ending November 7th.
The sources added that gasoline and distillate stockpiles decreased.
Prices dropped by more than two dollars a barrel yesterday after the Organization of the Petroleum Exporting Countries (OPEC) released its monthly report indicating that the global oil supply will slightly exceed demand by 2026, representing a shift from the organization's previous forecasts which indicated a supply deficit.
OPEC expects a surplus in supply next year due to increased production across a wider range of OPEC+ alliance countries.
The US Energy Information Administration will later today release inventory data.
Nine analysts surveyed by Reuters expect US inventories to rise by about two million barrels on average.
The Energy Information Administration also stated in its Short-Term Energy Outlook report that US oil production will hit a record high this year, higher than previously expected.
