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Crude oil futures were slightly higher Thursday morning, but remained near yesterday's 10-month lows due to a global supply glut.
Analysts expect supply to outpace demand this year and next, particularly in light of sustained production from the U.S., where domestic drillers have added rigs for a record 22 weeks in a row.
U.S. output jumped to 9.35 million bpd last week, up 20,000 bpd from the previous week, the EIA said.
Meanwhile, OPEC is reportedly struggling to achieve compliance with its supply quota plan with Russia. Exempt nations Libya and Nigeria are pumping plenty of oil, while Iraq is also keeping the spigot wide open.
OPEC members are in talks about making further cuts in oil production, Iran's oil minister said, according to Bloomberg. However, he said, finding a consensus will be "difficult."
Crude oil for August was up 23 cents at $42.76 a barrel. Prices remain in bear market territory, having collapsed more than 20 percent from recent highs.
