Investing.com - Oil staged a timid recovery after hitting 10-month lows but remained under pressure Thursday as supply concerns persisted.
Brent added 30 cents, or 0.67%, to $45.12 at 08:00 ET. U.S. crude was up 19 cents, or 0.45%, at $42.72.
A bigger-than-expected draw in U.S. crude failed to relieve bearish sentiment.
The Energy Information Administration Wednesday reported a fall of 2.45 million barrels in U.S. crude stocks in the latest week.
Output cuts of 1.8 million barrels a day by OPEC and non-OPEC producers have failed to make inroads into global inventories.
Libya and Nigeria, which were excluded from the output cut accord, have boosted production.
Higher U.S. output is also undermining efforts to re-balance the market.