24.03.201708:12:00UTC+00Crude Oil Steady Near $48 Ahead Of OPEC Meeting

Crude oil futures inched back near $48 a barrel Friday morning despite lingering concerns the global supply glut will last throughout the year.

U.S. crude oil stockpiles have surged to a record high as domestic production has ramped up significantly over the winter.

TransCanada Corp. announced that the U.S. Department of State has signed and issued a Presidential Permit to construct the Keystone XL Pipeline.

Meanwhile, OPEC is said to be struggling to achieve full compliance with its supply quota plan. The cartel meets this weekend in Kuwait, and are expected to extend the deal beyond its June end.

WTI light sweet crude oil was up 28 cents at $47.98 a barrel this morning, having recently touched a yearly low.

Traders are looking ahead to this afternoon's weekly U.S. oil rig count from Baker Hughes.