Investing.com - Crude oil futures edged higher during early European trading hours on Friday, but remained close to five-month lows as concerns over rising U.S. inventories and increased production levels continued to weigh.
On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD92.48 a barrel during European morning trade, up 0.19%.
Nymex floor trading remained closed on Thursday for the Thanksgiving Day holiday in the U.S.
Oil futures were likely to find support at USD91.79 a barrel, Wednesday's low and resistance at USD93.58 a barrel, Wednesday's high.
Oil prices remained under pressure after a government report on Wednesday showed that U.S. oil supplies rose more-than-expected last week.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 3 million barrels last week to hit 391.4 million barrels, the most since June.
Domestic output rose to 8.02 million barrels a day, the highest level in almost 25 years.
Traders also remained focused on developments in Iran, following a recent internationa agreement on the country's nuclear program.
U.N. inspectors were invited to visit a nuclear-related heavy water facility in Iran, marking an initial concrete step towards resolving the dispute.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for January delivery fell 0.20% to trade at USD110.66 a barrel, with the spread between the Brent and crude contracts standing at USD18.18 a barrel.
On the New York Mercantile Exchange, light sweet crude futures for delivery in January traded at USD92.48 a barrel during European morning trade, up 0.19%.
Nymex floor trading remained closed on Thursday for the Thanksgiving Day holiday in the U.S.
Oil futures were likely to find support at USD91.79 a barrel, Wednesday's low and resistance at USD93.58 a barrel, Wednesday's high.
Oil prices remained under pressure after a government report on Wednesday showed that U.S. oil supplies rose more-than-expected last week.
The U.S. Energy Information Administration said in its weekly report that crude oil inventories rose by 3 million barrels last week to hit 391.4 million barrels, the most since June.
Domestic output rose to 8.02 million barrels a day, the highest level in almost 25 years.
Traders also remained focused on developments in Iran, following a recent internationa agreement on the country's nuclear program.
U.N. inspectors were invited to visit a nuclear-related heavy water facility in Iran, marking an initial concrete step towards resolving the dispute.
Elsewhere, on the ICE Futures Exchange, Brent oil futures for January delivery fell 0.20% to trade at USD110.66 a barrel, with the spread between the Brent and crude contracts standing at USD18.18 a barrel.