SINGAPORE (Reuters) – Oil prices edged up early on Thursday, clawing back some ground after losses in the previous session.
Traders said the market was range-bound as falling crude inventories provided price support while high output was capping gains.
Crude - Futures - Benchmark - Oil - Prices
Brent crude futures, the international benchmark for oil prices, were at $50.43 per barrel at 0101 GMT, up 16 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were at $46.88 a barrel, up 10 cents, or 0.2 percent.
Slight - Gains - Fall - Session
The slight gains followed a more than 1 percent fall in the previous session.
Data published late on Wednesday by the Energy Information Administration (EIA) showed that commercial U.S. crude oil stocks have fallen by almost 13 percent from their peaks in March to 466.5 million barrels, well below this time last year.
Inventory - Declines - Pace - Stocks - Average
“If inventory declines continue at this pace, stocks will fall back below the five-year average in around two months,” said William O’Loughlin, investment...
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