Update Investing.com – Oil was higher Thursday as U.S. crude inventories fell more than expected.
However, concerns of a global economic slowdown and a glut of refined products continued to weigh.
U.S. crude was up 45 cents, or 0.95%, at $47.88 at 07:00 ET, while Brent crude added 0.90% to $49.24.
American Petroleum Institute data Wednesday showed U.S. crude stocks fell by 6.7 million barrels last week.
That was almost triple the expected drawdown. Stocks have fallen now for seven weeks in a row.
U.S. Energy Information Administration figures due Thursday are forecast to show a drop in U.S. crude stocks of 2.25 million barrels.
The dollar index was flat. A weaker dollar supports demand for oil.