West Texas Intermediate futures for December delivery declined to $41.56 (-0.46%), while Brent crude rebounded to $45.21 (+2.61%) after a sharp fall yesterday. Both types of crude are near two-month lows amid speculation that the global supply glut will persist. On Thursday official data from the Energy Information Administration showed that U.S. crude stockpiles rose by 4.2 million barrels in the week ending November 6, while economists had expected a more modest increase of 1.7 million barrels.

A speculation that OPEC won't announce production cuts at next month's meeting added to oversupply concerns.