Dhaka, Nov. 14 -- Oil prices fell on Thursday, extending losses from the previous session, as US crude inventories rose and OPEC signaled a potential global supply surplus next year. The decline reflects growing market concerns that supply may outpace demand for petroleum fuels.

Brent crude futures slipped 9 cents, or 0.1 percent, to $62.62 a barrel at 0336 GMT, after dropping 3.8percent on Wednesday. US West Texas Intermediate (WTI) crude fell 11 cents, or 0.2percent, to $58.38 a barrel, continuing a 4.2 percent decline from the previous session.

Market sources cited American Petroleum Institute (API) data showing that US crude stockpiles increased by 1.3 million barrels in the week ending November 7, while gasoline and distillate inve...