Market News
Oil edges up as glut fears ease despite weak demand - REUTERS
By Katya Golubkova and Sam Li
TOKYO/BEIJING, Nov 6 (Reuters) - Oil prices rose on Thursday as oversupply concerns eased, after closing at two-week lows in the prior session on weaker demand.
Brent crude futures were up 24 cents, or 0.38%, to $63.76 a barrel at 0753 GMT, while U.S. West Texas Intermediate futures were up 25 cents, or 0.42%, to $59.85.
Global oil prices fell a third straight month in October on fears of oversupply as the Organization of the Petroleum Exporting Countries and its allies increased output while production from non-OPEC producers is also still growing.
