08:59 AM EST, 11/06/2025 (MT Newswires) -- Oil prices moved higher early on Thursday, rebounding from two losing sessions despite a report from the Energy Information Agency showing an outsized rise in U.S. inventories last week, though a big drop in gasoline stocks showed demand remains solid.

West Texas Intermediate crude oil for December delivery was last seen up US$0.43 to $60.03 per barrel, while January Brent oil was up $0.38 to $63.90.

The EIA on Wednesday reported U.S. oil inventories rose by 5.9-million barrels last week, the largest increase since July and well ahead of the consensus estimate for a small rise. The hike in stocks heightened concerns supply is running above demand as OPEC+ continues to raise production in order to win back market share from producers in North and South America.

However the EIA also reported a 4.7-million barrel drop in gasoline stocks, showing demand for refined products remains solid, while global supplies of gasoline and diesel have been cut as Ukraine continues its attacks on Russia's refineries.

"Oil remains the anxiety hedge. There is also growing divergence between feedstock and refined products serving only to confuse the oil price path. Heading into refinery turnarounds and low stocks in products is made more acute by refinery damage in Russia and daily stories of more crude being available. Last week there were predictions on how Saudi Aramco were about to cut official selling prices (OSPs), that has become fact this morning with cuts into Asia ranging from between $1.20 and $1.40/barrel over the Oman/Dubai average," PVM Oil Associates noted.

Bloomberg News reported Ukraine again attacked a Russian refinery overnight, with drone strikes on Lukoil PJSC's Volgograd refinery, which processes 300,000 barrels per day of oil.