It said the market would remain oversupplied for at least another year.
Front-month Brent for November delivery rose 10 cents or 0.2 percent to $49.34 a barrel after it ended at $49.24 per barrel, down 1.24 percent, or 62 cents on Tuesday.
US crude oil edged up 19 cents, or 0.41 per cent, to US$46.85 a barrel after settling 0.93 per cent, or 44 cents, lower at US$46.66 a barrel.
Crude futures rose 15 per cent in early October but have since fallen back by almost 10 per cent as global production continues to outpace demand and concerns over China’s slowing economy prevail despite strong import figures released this week.
On Wednesday, data from China which showed consumer inflation had eased more than expected in September while producer prices fell for the 43rd straight month, adding to concerns over growing deflationary pressures in the world’s second-largest economy.
“Prices should remain low. The main reason for that is because global supply and demand for crude did not change much over the past few weeks or even months. We are still in oversupply,” Daniel Ang, an investment analyst at Phillip Futures Pte Ltd, said.
“Considering that you know we are looking for possible worsening oversupply coming from Iran.” – Reuters