Latest Oil Market News and Analysis for Nov. 7

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Oil was set for a second weekly drop, as supply increases around the world heighten concerns about the size of a forming glut.
West Texas Intermediate rose to near $60, but was still on track for a weekly decline of about 2%, while Brent settled near $63 on Thursday. OPEC+ output rose slightly last month as key members restarted halted supplies, adding to production increases in other nations including Brazil and the US.