Oil rises after big losses and the continued oversupply fears

Crude oil prices rallied on Thursday , recouping some of the big losses in the previous session , but gains are likely to be limited due to growing concern that the glut of global supply of oil will not fall below soon after the issuance of two large figs pessimistic reports.

By 06:33 GMT , ascended International benchmark Brent crude 48 cents to $ 46.74 a barrel , US crude rose 43 cents to $ 45.18 a barrel.

And the payment of a pessimistic assessment of the oil markets from the International Energy Agency on Wednesday , Brent and US crude down more than 4 percent by trading.

The International Energy Agency said global supply glut of oil continuing and it hinder the improvement in crude oil prices , despite the strong growth in demand and the large decline in production outside the Organization of Petroleum Exporting Countries (OPEC).

And it announced the US Energy Information Administration yesterday that US crude inventories are lower than expected fell in the last week, while distillate inventories rose to the highest level since January Gasoline stocks rose unexpectedly.

She said US crude inventories fell 2.5 million barrels last week , compared with expectations of a decline of three million barrels , according to a
Reuters survey