Brent crude inches above $48

Oil prices edged up on Wednesday in a further sign of support around the current levels, but analysts said the outlook for the next six months remained bleak due to oversupply of the commodity.
Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action.
Prices stabilised on Wednesday, with traders pointing to buying this week whenever benchmark Brent crude dropped towards $48 a barrel.
Brent was trading at $48.32 a barrel at 0708 GMT, up 33 cents, while US crude was 44 cents stronger at $46.91 a barrel.
But analysts said they expected prices to remain low for the next half-year.
“We see little scope for avoiding a large stock build in 1H15 and therefore anticipate weak prices ... Commodity price strength is inversely related to the dollar.