Oil above $47/barrel

Oil prices edged back above $47 a barrel on Friday, shrugging off an Opec pledge to keep output at full tilt amid expectations of strong demand growth later in the year and as a strike choked refinery operations in France.

US light sweet crude rose 52 cents to $47.44 a barrel, regaining the 33-cent loss on Thursday that pushed the market to settle below $47 a barrel for the first time since Feb. 9. London Brent rose 42 cents to $48.30.

Opec chief Sheikh Ahmad al-Fahd al-Sabah said on Friday demand growth forecasts indicated Opec would not need to trim output at its meeting next month. —Reuters