Oil edged up on Tuesday, lifted by a strong demand outlook for the coming weeks, but overall market conditions remain weak on the back of an ongoing fuel supply overhang, prompting several banks to cut their price forecasts.
Brent crude futures were at $47.01 per barrel at 0545 GMT, up 13 cents, or 0.3 percent, from their last close.
U.S. West Texas Intermediate (WTI) crude futures were up 10 cents, or 0.2 percent, at $44.50 per barrel.
Traders said the uptick in prices was in part due to healthy demand expected in the coming weeks.
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