Oil prices rebound but still weak due to oversupply | Reuters

Oil prices rebound but still weak due to oversupply | Reuters:

Oil prices rebounded on Friday, clawing back some of the ground lost this week, but remained close to their lowest levels in more than a year as rising U.S. inventories and concern over global economic growth kept markets under pressure.

Brent crude oil LCOc1 was up $1.20, or 2.3 percent, at $53.36 a barrel by 0830 GMT, having earlier risen more than 3 percent. It had dropped 4.2 percent on Thursday.

U.S. light crude CLc1 was up $1.20, or 2.7 percent, at $45.81, after rising 3.6 percent in early trade.