Oil up slightly, low U.S. inventories weigh on high rig counts

Oil up slightly, low U.S. inventories weigh on high rig countsOil prices settled slightly higher on Friday as lower U.S. crude inventories and increasing support for continued OPEC-led production cuts inspired hope that the global supply glut can be reduced. U.S. light crude was up 1 cent at $47.84. On Thursday, oil prices rallied as a larger-than-expected weekly draw in U.S. crude inventories of 5.3 million barrels suggested that output cuts by the Organization of Petroleum Producing Countries (OPEC) and other producers were helping reduce a global glut in crude, analysts said.