Washington: Oil prices continued to decline on Thursday as fresh data from the United States and a revised outlook from OPEC pointed to a weaker market in the coming months. Traders said the latest signals suggest that global supply may stay ahead of demand, adding pressure on crude benchmarks that have already been sliding this week.

Brent crude was trading near 62 dollars per barrel, while West Texas Intermediate slipped to around 58 dollars. The fall followed a report from the American Petroleum Institute, which showed a rise of 1.3 million barrels in US crude inventories for the week ending November 7. The build in stocks indicates that consumption has not kept pace with supply, raising concerns of a near term surplus.

Adding to the pressure, OPEC in its monthly report shifted its v

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