Oil prices edged up on Thursday, supported by a report of another fall in U.S. crude inventories as well as a weaker dollar, although a glut of refined products and economic growth concerns continue to drag on markets.

International Brent crude oil futures were trading at $48.96 per barrel at 0712 GMT on Thursday, down from a morning high of $49.17 per barrel but 17 cents above their last settlement. U.S. West Texas Intermediate (WTI) crude was at $47.67 per barrel, up 24 cents from its last close.

Traders said that a report of a reduction in available U.S. crude oil stockpiles was the main price driver.

The American Petroleum Institute (API) said its data showed U.S. crude stockpiles fell by 6.7 million barrels last week, declining for a seventh week in a row.

Analysts also pointed to a lower U.S. dollar.Oil prices also rose, with a weaker U.S.-dollar making commodities priced in the currency more attractive," ANZ bank said.

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