Oil prices edged higher today as some investors were tempted back to a market that tumbled 5% in the previous session.

Traders yesterday were disappointed that an OPEC-led decision to extend current production curbs did not go deeper. 

At yesteday's meeting in Vienna, the Organisation of the Petroleum Exporting Countries and some non-OPEC producers agreed to extend a pledge to cut around 1.8 million barrels per day until the end of the first quarter of 2018. 

The initial agreement would have expired next month.

Producers are confident of this plan bringing down crude oil stocks to their five-year average of 2.7 billion barrels but oil investors had hoped for a last-minute agreement on more far-reaching action. 

Clawing back some of yesterday's losses, global benchmark Brent futures were up 28 cents at $51.74 a barrel.

US West Texas Intermediate (WTI) crude futures remained below $50, at $49.11, though up 21 cents from their last close.

Concerns remain that OPEC-led production cuts will support a further rise in output from the US, where producers can operate at much lower costs. 

US oil production has already risen by 10% since the middle of 2016 to over 9.3 million bpd, close to the output of top producers Russia and Saudi Arabia. 

With US output rising steadily and OPEC and its allies potentially ramping up production in 2018 to regain lost market share, many traders, including Goldman Sachs, already expect another price slump.