Slight gain made by crude oil prices

Oil Markets Show Modest Recovery After $2 Decline

Crude oil prices posted a slight rebound Thursday following the $2-per-barrel drop on Wednesday, as investors weighed ongoing concerns about global oversupply.

Despite Thursday’s uptick, traders remained cautious after the Energy Information Administration (EIA) reported a larger-than-expected increase in U.S. crude inventories, offsetting optimism for a broader market recovery.

EIA Reports 6.4 Million-Barrel Stock Build

Crude Stocks Rise While Gasoline Inventories Fall

The EIA report showed U.S. crude inventories rose by 6.4 million barrels to 427.6 million barrels for the week ending November 7. Analysts in a Reuters poll had expected a much smaller 1.96-million-barrel rise.

While crude stocks climbed, gasoline inventories fell, suggesting refiners adjusted output amid softer demand forecasts.

Market analysts said the higher inventory figures underscore ongoing supply pressures and sluggish global demand, both of which continue to cap stronger price rallies.

WTI and Brent Close Higher but Gains Limited

Investors Remain Cautious About Oversupply

West Texas Intermediate (WTI) crude gained 20 cents, or 0.3%, to settle at $58.69 per barrel on the New York Mercantile Exchange. The benchmark had fallen 4.2% in Wednesday’s session.

Brent crude, the global benchmark, finished 30 cents higher, or 0.5%, closing at $63.01 per barrel.

Traders said the limited rebound reflected persistent oversupply concerns tied to rising U.S. production and weaker refinery demand in Asia and Europe.

Natural Gas Prices Also Edge Higher

Modest Gain on Thursday Trading

Natural gas prices also saw a small boost Thursday, with contracts finishing at $4.591 per MMBtu—a gain of $0.058, or 1.28%.

Analysts cited cooler weather forecasts and steady LNG export demand as short-term market supports, though production remains near record highs.

Oklahoma Energy Stocks Under Pressure

Stardust Power and NGL Energy Lead Declines

Despite modest commodity gains, Oklahoma energy stocks moved mostly lower Thursday.

Stardust Power led the decline, falling nearly 15%, while NGL Energy Partners recorded a 5% loss. Several other Oklahoma-based producers also finished the session in negative territory, mirroring broader weakness across mid-cap energy equities.

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