Oil prices fell on Thursday, extending losses from the previous session, after a report showing rising crude inventories in the U.S. reinforced concerns that the global supply is more than sufficient to meet current fuel demand.

Brent crude futures fell 9 cents, or 0.1%, to $62.62 a barrel at 04:36 AM WAT, after dropping 3.8% a day earlier. U.S. West Texas Intermediate crude fell 11 cents, or 0.2%, to $58.38 a barrel, extending a 4.2% decline on Wednesday.

Reuters reported that market sources, citing American Petroleum Institute figures, on Wednesday said U.S. crude stockpiles rose by 1.3 million barrels in the week that ended November 7. Gasoline and distillate stockpiles dropped, the sources said, citing the API data.

Prices fell more than $2 a barrel on Wednesday after the Organization of the Petroleum Exporting Countries (OPEC) said global oil supplies will slightly exceed demand in 2026, marking a further shift from the group’s earlier projections of a deficit.

OPEC said it expected the supply surplus next year because of the wider production increases by OPEC+, a group of producers that includes OPEC members and allies like Russia.

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The U.S. Energy Information Administration is expected to release inventory data later on Thursday. Other reports on Wednesday added to the bearish investor sentiment.

The EIA also said in its Short-Term Energy Outlook that U.S. oil production is expected to set a record this year that is larger than previously forecast.

Global oil inventories will grow through 2026 as production increases faster than demand for petroleum fuels, adding to pressure on oil prices, the EIA added.

Looking ahead, some analysts expect prices to remain close to present levels.