05:38 AM EST, 11/13/2025 (MT Newswires) -- Crude oil prices inched lower on Thursday as American Petroleum Institute figures showed rising U.S. crude oil stocks, exacerbating oversupply concerns.

Brent crude at last look lost 0.3% to US$62.53/barrel and West Texas Intermediate crude fell 0.3% to $58.31/b. Market sources citing API figures said U.S. crude inventories gained 1.3 million barrels in the week ended Nov. 7, but gasoline and distillate stocks dropped, Reuters said in a Thursday report.

This comes after the Organization of the Petroleum Exporting Countries said global oil supplies will slightly surpass demand in 2026, a further pivot from the group's earlier projections of a deficit, the report said.

"Recent (price) weakness seems to be driven by OPEC's revision of supply-demand balance in 2026 in its monthly report, which confirms the group is now acknowledging the possibility of a supply glut in 2026, in contrast to its more bullish stance all along," Reuters quoted Suvro Sarkar, DBS Bank's energy sector team lead, as saying.

"OPEC's signal of a supply surplus unleashed previously pent-up bearish sentiment in the previous session, while a U.S. crude inventory build added pressure, pushing oil prices to continue to slide on Thursday morning," Yang An, an analyst at Haitong Securities, was quoted as saying.