05:35 AM EST, 11/06/2025 (MT Newswires) -- Crude oil prices saw gains on Thursday, bouncing back from two-week lows driven by oversupply concerns, but downward pressure remains.

Brent crude at last look rose 1.1% to US$64.22/barrel and West Texas Intermediate crude surged 1.3% to $60.40/b. The Organization of the Petroleum Exporting Countries and allied producers' decision to pause output hikes in the first quarter of 2026 and sanctions on Russia's largest oil firms helped ease oversupply fears, Reuters said in a Thursday report.

However, concerns about weaker demand remains in focus amid weak travel activity and lower container shipments, the report said. "High-frequency indicators suggest that U.S. oil consumption remains subdued," Reuters quoted J.P. Morgan as saying in a client note.

In addition, Saudi Arabia cut official selling prices for Asian buyers of its crude in December, responding to the ample supply situation amid a ramp-up in OPEC+ production. The producer group is set to increase output in December by 137,000 barrels per day.