Doha: Oil prices were largely unchanged early Thursday, after settling at their lowest levels in two weeks in the previous session, amid persistent market pressure from weak demand and a global oil glut. Brent crude futures rose 2 cents, or 0.03 percent, to $63.54 a barrel, while US West Texas Intermediate (WTI) crude futures were steady at $59.60.
According to Qatar News Agency, in the previous session, oil prices fell after the US Energy Information Administration (EIA) reported that US crude oil inventories rose by 5.2 million barrels to 421.2 million barrels last week, compared with expectations of a 603,000-barrel increase.
Global oil prices declined for the third consecutive month in October due to concerns about a supply glut following production increases by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, coinciding with continued rising output from non-OPEC producers.