As Reuters reports Reuters
Oil prices jumped on Thursday, November 6, after concerns about an oversupply in the market eased. The previous trading session ended at two-week lows due to weak demand.
Brent futures rose to $63.69 per barrel, up 0.27% from the previous level, while WTI prices increased to $59.78 per barrel, adding about 0.3%.
Main factors that influenced the dynamics
In October, global oil prices fell for three consecutive months amid concerns about oversupply: OPEC+ was increasing production, and output outside the deal was also rising.
Analysts at Haitong Securities note that OPEC+’s plan to refrain from further increases in output in the first quarter of next year partly eased the risk of market oversaturation.
At the same time, concerns about weaker oil demand remain at market levels.
According to data from the start of the year through November 4, global demand for oil rose by about 850,000 barrels per day, below the projected growth of 900,000 barrels per day.
Read also:
- Oil prices fall amid global market sell-off and strong US dollar pressure on November 5, 2025, as investors reassess supply outlook and energy sector risks.
- Global oil supply is rising faster than expected in 2025-2026 due to OPEC+ production increases and growth outside the group, while demand growth slows, leading to market oversupply and price pressures.
