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Oil crawls off one-month lows, but supply gloom caps gains© Reuters. A customer prepares to fill up his tank in a gasoline station in Nice
By Amanda Cooper
LONDON (Reuters) - Oil edged up on Thursday, having hit one-month lows the previous day after an unexpected surge in U.S. inventories and the return of more Nigerian crude to an already oversupplied market.
The oil price has slipped below $50 a barrel despite a pledge by the world's largest exporters to extend an existing output cut of 1.8 million barrels per day (bpd) into next year in an effort to reduce bulging global inventories.
Adding to concern about supply outstripping demand, Royal Dutch Shell (L:RDSa) on Wednesday lifted force majeure on exports of Nigeria's Forcados crude, bringing all the country's oil grades fully online for the first time in 16 months.
Brent crude (LCOc1) was up 43 cents by 0900 GMT at $48.49 a barrel, having fallen 4 percent the day before, while U.S. crude futures (CLc1) rose 38 cents to $46.10 a barrel.
The market has also come under pressure from news of rising output from Libya, which together with Nigeria is exempt from the production cut made by the Organization of the Petroleum Exporting Countries and its 11 partners.

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