Oil prices extended losses on Thursday after a rise in U.S. crude inventories and a bearish OPEC outlook reinforced oversupply concerns.

Brent crude slipped 0.1% to $62.62 a barrel and WTI fell 0.2% to $58.38, following steep declines in the previous session.

Industry data showed U.S. crude stocks rose by 1.3 million barrels last week, while gasoline and distillate inventories dropped.

Prices also weakened after OPEC projected a slight supply surplus in 2026, shifting from its earlier forecast of a deficit. The group cited higher production from OPEC+ members, including Russia.

Analysts said the market reaction may be overdone but warned sentiment remains fragile. The EIA is expected to confirm further U.S. output gains later Thursday, adding to downward pressure.

Still, traders see support near $60 per barrel amid risks of supply disruptions from Russia.