15.11.201805:54:00UTC+00Oil Prices Mixed In Choppy Trade

Oil prices were mixed in choppy trade Thursday amid concerns about oversupply and fears surrounding potential slowdown in the global economy.

Global benchmark Brent crude rose 0.23 percent to $66.27 per barrel while U.S. West Texas Intermediate (WTI) crude futures were down about half a percent at $55.97 per barrel.

Analysts expect slower growth in oil demand from both China and the U.S. next year, given the concerns about a possible slowdown of the global economy and associated uncertainties.

In its monthly report earlier this week, OPEC revised its forecast for 2019 oil demand lower for the fourth consecutive month. The oil cartel expects oil demand to grow by 1.29 million barrels per day in 2019, down 70,000 bpd from its projection last month.

At the same time, supply has been surging amid a massive increase in U.S crude oil production. Russia and Saudi Arabia are also pumping crude at record levels.

With American Petroleum Institute (API) reporting a sizeable crude oil inventory build for the week ending on November 9th, traders now await the EIA's weekly report on petroleum inventories for further direction.