Oil edges up as glut fears ease despite weak demand

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 17 cents, or 0.27%, to $63.69 a barrel at 0455 GMT, while US West Texas Intermediate futures were up 18 cents, or 0.3%, to $59.78. 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. After US and British sanctions on Russia’s biggest oil companies two weeks ago tempered the market’s aggressive bearish stance, however, there was a shift in oil price momentum at the end of October, Haitong Securities said.