REUTERS
Oil prices rose on Thursday, creeping over $48 a barrel, after dropping around a dollar in the previous session on higher inventories, according to Reuters.
Brent for December delivery rose 20 cents to $48.05 a barrel by 08:02 GMT. The global crude benchmark finished down 86 cents, or 1.8%, on Wednesday, after hitting $47.50, its lowest since early October.
U.S. crude for December delivery climbed 19 cents to $45.39 a barrel, having settled down $1.09, or 2.4%, in the previous session. It hit a three-week low of $44.86 on Wednesday.
"We're in a consistent dip and I see it continuing as inventories tip up and down," Jasper Lawler, markets analyst at CMC Markets said, Reuters has reported.
Oil prices came under renewed pressure from worries about a global glut this week after U.S. crude inventories rose more than twice what analysts had expected.
U.S. crude stocks surged sharply for a second week, climbing 8 million barrels in the week to October 16, data from the U.S. Department of Energy's Energy Information Administration (EIA) showed on Wednesday.
That jump followed a rise of more than 7.5 million barrels in the previous week and put U.S. crude stocks up more than 22 million barrels over the last four weeks.
Oil experts from the Organization of the Petroleum Exporting Countries and non-member countries made no agreement this week to take steps to boost prices, officials said after talks in Vienna on Wednesday.