Oil prices slipped on Thursday amid growing fears of a global supply glut and weaker-than-expected demand in the United States, the world’s largest crude consumer.
Brent crude futures fell $0.38, or 0.6%, to $63.14 per barrel, while U.S. West Texas Intermediate (WTI) dropped $0.47, or 0.8%, to $59.13.
Oil prices settled lower yesterday with a large increase in US crude oil inventories, while surplus expectations for the global oil market will also be providing some headwinds.https://t.co/6azcUBGJKh
— ING Economics (@ING_Economics) November 6, 2025
The decline comes as OPEC+ producers continue to ramp up output, adding to oversupply worries. Analysts said the market remains pressured by “the best-telegraphed supply glut in history.”
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U.S. crude inventories rose by 5.2 million barrels last week, signaling weak refinery demand amid maintenance shutdowns. JPMorgan revised its global oil demand growth to 850,000 barrels per day, below earlier forecasts.
Adding to bearish sentiment, Saudi Arabia cut December crude prices for Asia, while sanctions on Russia created only mild supply concerns.
Capital Economics predicts oil could fall further, projecting prices at $60 per barrel by end-2025 and $50 by end-2026.
