Oil prices rebounded in early trading on Friday, bouncing off two-month lows hit in the previous session when prices fell 5 percent on news that the U.S. weekly crude draw missed some forecasts. 

International Brent crude oil futures were trading at $46.95 per barrel at 0027 GMT on Friday, up 55 cents, or 1.19 %, from their last settlement. U.S. West Texas Intermediate (WTI) crude was up 43 cents, or 0.95 %, at $45.57 a barrel.

Crude stocks have now fallen for almost two months straight, that doesn't warrant the price falls we saw yesterday, so this morning there was a correction," one oil trader said. 

The oil price fell to its lowest level in almost two months after an EIA report showed that inventories fell by less than expected. The EIA report said crude supplies fell 2.22 million barrels (524.35 million barrels) to in the week ended July 1," ANZ bank said on Friday. 

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