Oil prices edged up early on Thursday, clawing back some ground after losses in the previous session. Traders said the market was range-bound as falling crude inventories provided price support while high output was capping gains. Brent crude futures, the international benchmark for oil prices, were at $50.43 per barrel at 0101 GMT, up 16 cents, or 0.3 percent, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $46.88 a barrel, up 10 cents, or 0.2 percent. The slight gains followed a more than 1 percent fall in the previous session.

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