Brent Crude Oil Inches Above $48, but Outlook Remains Weak –

Oil prices edged up on Wednesday in a further sign of support around current levels, but analysts said the outlook for the next six months remained bleak due to oversupply.
Oil fell as much as five percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action. Prices stabilized on Wednesday, with traders pointing to buying this week whenever benchmark Brent crude dropped towards $48 a barrel. Brent was trading at $48.32 a barrel at 0708 GMT, up 33 cents, while U.S. crude was 44 cents stronger at $46.91 a barrel. But analysts said they expected prices to remain low for the next half-year.

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