TOKYO/BEIJING – Oil prices rose slightly on Thursday as concerns about global oversupply eased following recent market pressure from weaker demand. Brent crude futures climbed 17 cents, or 0.27%, to $63.69 a barrel, while US West Texas Intermediate (WTI) futures increased 18 cents, or 0.3%, to $59.78.
The modest rebound came after oil prices hit two-week lows in the previous session. Analysts said that OPEC+’s plan to pause production increases in early 2026 helped calm oversupply fears, while sanctions by the US and UK on Russian oil firms added some upward momentum.
Read More: Oil prices rise as OPEC+ pauses production hikes
However, weaker demand continues to cloud the outlook. According to J.P. Morgan, global oil demand growth this year has reached just 850,000 barrels per day — slightly below projections. The US Energy Information Administration also reported a 5.2-million-barrel rise in crude inventories last week, signaling sluggish consumption.
Saudi Arabia, meanwhile, has slashed December crude prices for Asian buyers amid a well-supplied market, further reflecting the challenges facing producers. Analysts at Capital Economics forecast oil prices could average $60 per barrel by the end of 2025 and fall to $50 by 2026 if demand remains weak.
Read More: Crude oil prices edged lower on Wednesday