Investing.com - Oil rebounded Thursday but a build-up in U.S. crude stocks continued to overhang the market.
U.S. crude was up 19 cents, or 0.40%, at $48.23 at 08:00 ET. Brent crude added 23 cents, or 0.45%, to $50.87.
The Energy Information Administration Wednesday reported a rise in U.S. crude inventories of almost five million barrels to a record 533.1 million.
Brent crude seems to have found technical support at $50 a barrel as investors renewed some long positions.
Higher U.S. supply and inventories are undermining the impact of output cuts by major producers.
OPEC and non-OPEC producers have agreed to cut output by 1.8 million barrels a day in the first half.
The focus now turns to Baker Hughes rig count data due out on Friday.