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U.S. oil ticks up for second day on record OPEC output cut compliance


U.S. crude oil edged higher for a second day on Tuesday, underpinned by high compliance with OPEC’s production cuts even as the market remains anchored by rising U.S. production.

West Texas Intermediate crude oil added 0.1 percent to $54.10 a barrel by 0023 GMT while benchmark Brent crude oil was yet to start trading.

OPEC has so far surprised the market by showing record compliance with oil-output curbs and could do so further in coming months as the biggest laggards – the United Arab Emirates and Iraq – pledge to catch up quickly with their targets.


Reporting By Naveen Thukral & Editing by Richard Pullin
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