Oil prices were little changed in early Asian trading on Friday after retreating in the previous session, weighed by ongoing global glut concerns despite a bigger-than-expected draw in U.S. crude inventories.
Brent crude, the global benchmark, was up 1 cent at $51.91 per barrel by 0044 GMT.
U.S. West Texas Intermediate (WTI) crude was up 3 cents, or 0.1 percent, at $48.62 a barrel.
Oil prices touched a two-and-half month high on Thursday, but retreated to close down around 1.5 percent, with U.S. prices slipping back below $50 per barrel amid ongoing oversupply concerns.
“Crude oil prices failed to hold recent gains, with a nervous market starting to doubt recent falls in inventories. …. Supply side issues also weighed on prices, with data showing Libyan production in July hit its highest level for the year,” ANZ bank said in a note.
Official data showed crude inventories in the United States, the world’s top oil consumer, fell sharply by 6.5 million barrels in the week ending to Aug. 4, as refiners ramped up run rates to the highest in 12 years due to strong demand.