Singapore — Oil prices recovered on Thursday from losses chalked up the session before, but the market remained under pressure as bloated US crude inventories and rising output dampen Opec-led efforts to curb global production. Brent crude futures, the international benchmark for oil, were at $51.02 a barrel at 4.51am GMT, up 38c, or 0.8%, from their last close. That came after Brent briefly dipped below $50 a barrel on Wednesday for the first time since November. US West Texas Intermediate (WTI) crude futures were up 38c, or 0.8%, at $48.42 a barrel, after testing support at $47 overnight. Analysts said Brent had found technical support around $50 a barrel and was being pushed up as traders took new long positions after crude hit multimonth lows overnight. Despite the bounce, traders said the market remained under pressure, largely due to a big US inventory and doubts that an effort led by oil cartel Opec to cut output was reining in a global fuel supply overhang. Greg McKenna, chi...
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