Oil prices edged up early on Thursday, clawing back some ground after losses in the previous session. Traders said the market was range-bound as falling crude inventories provided price support while high output was capping gains. Brent crude futures, LCOc1 the international benchmark for oil prices, were at $50.43 per barrel at 0101 GMT, up 16 cents, or 0.3 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $46.88 a barrel, up 10 cents, or 0.2 percent. The slight gains followed a more than 1 percent fall in the previous session. Data published late on Wednesday by the Energy Information Administration (EIA) showed that commercial U.S. crude oil stocks C-STK-T-EIA have fallen by almost 13 percent from their peaks in March to 466.5 million barrels, well below this time last year. “If inventory declines continue at this pace, stocks will […]