09:07 AM EST, 11/07/2025 (MT Newswires) -- Oil prices rose early on Friday, rebounding from three losing sessions that came on continuing over-supply concerns and weakening economic data.

West Texas Intermediate crude oil for December delivery was last seen up $0.47 to US$59.90 per barrel, while January Brent oil was up $0.42 to US$63.80.

The rise comes despite an over-supplied market as OPEC+ continues to add new supply to regain market share from producers in North and South America. The group last weekend agreed to a third monthly increase of 137,000 barrels per day in December, following on the full return of 2.2-million barrels per day of quota hikes in September.

Even as supply and inventories rise, demand has remained robust. In its weekly inventory report released Wednesday, the Energy Information Administration reported U.S. oil stocks rose by 5.2-million barrels in the prior week, but gasoline inventories were down by 4.7-million barrels. Diesel stocks are also being pressured globally by Ukraine's continuing strikes on Russian refineries, cutting into its exports of refined products.

"While diesel has baked in healthy premium due to the risk to Russian refined product exports, structurally margins look to have fundamental support through at least this first half of 2026," Brian Leisen, global oil strategist at RBC Capital Markets wrote.

Still, signs of slowing growth amid U.S. tariff policies and a prolonged shutdown of the country's government are piling up. Outplacement firm Challenger, Gray & Christmas on Thursday reported U.S. employers cut 153,074 jobs in October, up from 54,064 a month earlier and bringing the total this year to 1.1-million position cuts, up 65% from the same period in 2024.