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Oil Bounces Off November Lows, But Bloated U.S. Stockpiles Pressure Market
Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated U.S. crude inventories and rising output dampen OPEC-led efforts to curb global production. Brent crude futures, the international benchmark for oil, were at $50.95 per barrel at 0231 GMT, up 31 cents, or 0.6%, from their last close. That came after Brent briefly dipped below $50 a barrel on Wednesday for the first time since November. U.S. West Texas Intermediate (WTI) crude futures were up 35 cents, or 0.7%, at $48.39 a barrel, after testing support at $47 overnight. Analysts said Brent had found technical support around $50 a barrel and was being pushed up as traders took new long positions after crude hit multi-month lows overnight.