SINGAPORE: Oil prices edged up Friday on bargain-buying and a weaker dollar after another slump fuelled by a surge in US stockpiles and worries about an upcoming meeting to tackle a global supply glut.
Both main contracts slumped more than three percent Thursday after Russia suggested it may not be necessary to limit production, denting hopes for its gathering with OPEC in Algeria this month.
The losses meant crude had lost a tenth of its value from its August highs, making it ripe for traders looking for bargains.
At about 0330 GMT the US benchmark West Texas Intermediate (WTI) for delivery in October was up 27 cents, or 0.63 percent, at $43.43 and Brent crude for November climbed 32 cents, or 0.70 percent, to $45.77.
Traders now have their eyes on the release later Friday of US jobs figures, which will be pored over for an idea about what the Federal Reserve plans to do with interest rates.
Expectations for a hike in borrowing costs have swirled since last Friday when Fed boss Janet Yellen indicated the economy was strong enough for a hike.
That, in turn, fuelled a rally in the dollar, which has dented oil prices as it makes the commodity more expensive to anyone holding other currencies.
