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Oil steadies as output cuts weighed against U.S. supply concerns
Oil steadied Tuesday as agreed output cuts were weighed against U.S. supply glut concerns.
Brent crude was up 24 cents, or 0.43%, at $56.25 at 08:15 ET. U.S. crude gained 24 cents, or 0.45%, to $53.44.
Higher North American shale production could undermine agreed output cuts by major producers.
The International Energy Agency on Monday forecast U.S. shale output would increase by 1.4 million barrels a day by 2022.
Russia said Monday it would move to comply with agreed output cuts of 300,000 barrels a day.
Russia and other non-OPEC producers have agreed to cut output by some 558,000 barrels a day in the first half of the year.
OPEC compliance with agreed cuts of 1.2 million barrels a day has been estimated at over 90%.
There is talk of extending the cuts beyond the first half of this year.
American Petroleum Institute (stockpile) data are due out later in the session.
These will be followed by official Energy Information Administration inventories on Wednesday.
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