Oil prices edged up in early trading on Friday, stabilising after five straight days of falls triggered by a surge in U.S. crude inventories and doubts over the ability of oil producers to coordinate an output cuts.
U.S. West Texas Intermediate (WTI) futures were at $44.83, up 17 cents, or 0.4 %.
Despite the slight increases, traders said market sentiment was bearish. Brent futures fell for the past five straight trading sessions and is down about 13.5 % since its most recent peak in mid-October.
Analysts said markets were also weighed down by traders pulling out money from crude futures ahead of the upcoming U.S. presidential elections, which are seen as a risk to global markets.
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