Oil prices edged higher on Thursday, following a 3-week decline. Prices fell Wednesday after U.S. inventory data showed crude supply rose by 8 million barrels, only to increase on Thursday. Light, sweet crude for December delivery settled up 18 cents, or 0.4%, to $45.38 a barrel on the New York Mercantile Exchange. Brent, the global benchmark, rose 23 cents, or 0.5%, to $48.08 a barrel on ICE Futures Europe. The number of oil rigs drilling for oil in the U.S., which is seen as a proxy for future production, has fallen sharply this year. The rig count for this week is due to be released Friday, and an additional drop in the number of active oil rigs could further boost prices.

Oil prices are down about half from this time last year as supplies continue to outweigh demand from a world economy still struggling to gain traction after the latest recession. No decision on production was made during a meeting in Vienna between producers in and outside of the Organization of Petroleum Exporting Countries.

“OPEC has fully stopped performing its function of the regulator,” Igor Sechin, the head of Russian oil producer Rosneft, said.

Numerous factors affect oil prices such as world economy, oil production, current events and more. The US market is still very oversupplied and price recovery is not very likely, at least not until after 2016.