Investing.com – Oil edged higher Friday after earlier extending overnight losses on ongoing concerns of a supply glut.
U.S. crude was up 9 cents, or 0.20%, at $44.84 at 07:00 ET, while Brent crude added 0.39% to $46.38.
Although U.S. crude stocks fell for the ninth week in a row, inventories remain historically high at 519.5 million barrels.
There was also a surprise jump in gasoline stocks despite the peak U.S. driving season.
Baker Hughes U.S. rig count data are due out later Friday.
The number of rigs operating in the U.S. has been increasing as producers adapt costs to a lower price environment.
The dollar index was higher. A stronger dollar weakens demand for oil.