The West Texas Intermediate for December delivery lost 33 cents to settle at 41.12 U.S. dollars a barrel on the New York Mercantile Exchange, while Brent crude for January delivery decreased 27 cents to close at 43.53 dollars a barrel on the London ICE Futures Exchange.
In its monthly report released on Wednesday, OPEC has revised its demand estimates for this year and next down by 300,000 barrels per day in each case, amid the pandemic fallout.
Crude prices were also under pressure after data showed a hefty rise in U.S. stockpiles last week.
U.S. crude oil inventories increased by 4.3 million barrels during the week ending Nov. 6, the U.S. Energy Information Administration reported on Thursday.
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