Oil ticks higher on Thursday

WTI crude oil futures rose toward $60 per barrel on Thursday, paring some of the previous session’s losses but remaining near a two-week low as the supply outlook stayed in focus.

Government data showed US crude inventories surged by more than 5 million barrels last week, the biggest increase since July, while gasoline stocks fell nearly 5 million barrels to a three-year low.

Rising inventories and higher output from OPEC+ and non-members have stoked worries of a global glut. Saudi Arabia cut December crude prices for Asian buyers, highlighting a well-supplied market.

The cartel also approved a modest December production increase but will pause further hikes in early 2026, offering some relief to oversupply worries while signaling caution amid weakening demand.

Global oil consumption has climbed about 850,000 bpd this year, slightly below JP Morgan’s forecast, reflecting subdued US consumption and softer transport activity.