Brent crude inches above $48, but outlook remains weak

Oil prices edged up on Wednesday in a further sign of support around current levels, but analysts fretted that the outlook for the next six months remained bleak due to oversupply. Oil fell as much as 5 percent on Tuesday after the International Monetary Fund cut its 2015 global economic forecast and key producer Iran hinted prices could drop to $25 a barrel without supportive OPEC action