Oil prices rebounded on Friday, recovering slightly from heavy losses this week, but remained close to the lowest levels in over a year as rising U.S. inventories and concern over global economic growth rattled markets.

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Brent crude oil was up 69 cents, or 1.32 percent, at $52.85 a barrel by 1130 GMT, having earlier risen more than 3 percent. It had dropped 4.2 percent on Thursday.

U.S. light crude was up 96 cents, or 2.15 percent, at $45.57, after rising 3.6 percent in early trade.

Oil prices fell to their lowest in almost 18 months this week and are down more than 20 percent for the year, depressed by ample supplies that have filled fuel tanks worldwide.

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