West Texas Intermediate futures for December delivery climbed to $43.19 (+0.61%), while Brent crude rebounded to $46.07 (+0.57%) after yesterday's declines, but fundamental remained unfavorable. Analysts say that crude oversupply might continue next year. Market participants are waiting for the U.S. Energy Information Administration to report on U.S. crude stockpiles later today. Earlier this week the American Petroleum Institute said U.S. stockpiles likely rose by 6.3 million barrels in the week ending November 6.

The Organization of the Petroleum Exporting Countries (OPEC) will hold a policy meeting next month.