Oil edged up from multi-month lows today, but prices remained under pressure from a supply glut that has persisted despite OPEC-led efforts to balance the market. 

Brent crude futures were up 40 cents at $45.22 a barrel, after falling as low as $44.53 earlier in the day. 

They had fallen 2.6% in the previous session to $44.35, their lowest since November. 

US crude futures were up 29 cents at $42.82 a barrel, after also slipping earlier in the day. They touched $42.05, their lowest intraday level since August 2016.

Since peaking in late February, crude has dropped around 20%, erasing gains at the end of the year in the wake of the initial OPEC-led production cut. 

The Organisation of the Petroleum Exporting Countries and other producers agreed to reduce output by 1.8 million barrels per day (bpd) from January for six months, and last month extended the deal for a further nine months. 

But oversupply has persisted, particularly with output rising in Libya and Nigeria, which were exempt from the cuts due to unrest that had limited their output. 

Nigeria's crude oil exports are set to exceed 2 million bpd in August, the highest level planned for 17 months.

Meanwhile, a bigger-than-expected drop in US crude stockpiles offered only short-lived support.

US crude inventories fell by 2.5 million barrels in the week to June 16, surpassing analyst expectations for a decrease of 2.1 million barrels, data from the US Energy Information Administration released yesterday showed. 

Petrol stocks fell by 578,000 barrels, compared with expectations for a seasonally unusual gain. 

But output is still increasing in the US, where some shale producers can produce profitably even if oil prices drop below $40 a barrel. 

Oil stocks in Europe's Amsterdam-Rotterdam-Antwerp hub hit 64.2 million barrels in the week to June 16, the highest in a year, and some 24% above the January low, according to data from industry monitor Genscape.