Oil prices were little changed in early Asian trading on Friday after retreating in the previous session, weighed by ongoing global glut concerns despite a bigger than-expected draw in U.S. crude inventories. Brent crude, the global benchmark, was up 1 cent at $51.91 per barrel by 0044 GMT. U.S. West Texas Intermediate (WTI) crude was up 3 cents, or 0.1 percent, at $48.62 a barrel.

Oil prices touched a two-and-half month high on Thursday, but retreated to close down around 1.5 percent, with U.S. prices slipping back below $50 per barrel amid ongoing oversupply concerns.

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