|Published : 10 Mar 2017, 11:04:22|
Oil price edges off three-month low
Crude prices inched up on Friday after dropping to their lowest in more than three months the session before, pressured by concerns that a global supply glut is proving stubbornly persistent.
US West Texas Intermediate crude CLc1 was up 40 cents at $49.68 a barrel at 0151 GMT. It fell below $50 on Thursday for the first since mid-December, when oil producers agreed to cut output.
Brent crude LCOc1 was up 35 cents at $52.54 a barrel.
On Thursday, the LCOc1 settled down 92 cents, or 1.7 per cent, at $52.19 a barrel, after slumping 5.0 per cent the day before in its biggest percentage decline in a year.
Market confidence has taken a hit after a period of higher prices enticed more US shale oil companies to drill more wells and as stockpiles have remained high.
Data showed crude stocks in the United States, the world's top oil consumer, swelled by 8.2 million barrels last week to a record 528.4 million barrels.
Energy ministers and senior oil executives are meeting this week at CERAWeek in Houston, the biggest US gathering of the oil industry, according to Reuters.