Brent crude oil holds above $48, few analysts see quick recovery
(Reuters) - Brent crude oil futures edged higher on Friday, holding above $48 a barrel as analysts said prices were well supported around current levels, although few expect a strong rebound anytime soon as global output continues to outweigh demand.
Benchmark Brent crude futures were trading at $48.38 per barrel at 0802 GMT, up 11 cents since their last settlement. U.S. crude was trading at $46.50 a barrel, up 25 cents.
"Our forecast seems to point towards a consolidation stage in the weeks to come," Phillip Futures said in a note. "Therefore, we expect crude prices to trade range bound between $44.75-$50.69 for WTI Mar'15 and $46.4-52.89 for Brent Mar'15."
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