jordan pulse -

Oil prices held largely steady early Thursday after hitting a two-week low in the previous session amid pressure from weak demand and global oversupply.

Brent futures rose 2 cents, or 0.03%, to $63.54 a barrel at 01:27 GMT, while US West Texas Intermediate remained at $59.60.

J.P. Morgan said global oil demand increased by 850,000 barrels per day since the start of the year through November 4 — slightly below its earlier forecast of 900,000.

Prices fell in the prior session after the US Energy Information Administration reported a 5.2 million-barrel rise in crude inventories to 421.2 million last week, compared with expectations of a 603,000-barrel increase.

Global oil prices have declined for the third consecutive month in October amid concerns of oversupply driven by higher OPEC + production and continued output growth from non-OPEC producers