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OPEC production cut deal appears to be holding

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OPEC production cut deal appears to be holding

U.S. West Texas Intermediate (WTI) crude futures were down 9 cents at $52.32 a barrel.

Oil dropped the most in six weeks after a report showed US gasoline supplies increased for the first time since February, while crude output keeps rising.

OPEC members Saudi Arabia and Kuwait signalled that the Organization of the Petroleum Exporting Countries and other producers, including Russian Federation, would likely extend their oil output cut beyond June.

The EIA inventories data recorded a draw in inventories of 1.0 million barrels for the latest week which was slightly lower than consensus forecasts of a 1.2 million decline.

Brent crude futures LCOc1 fell 85 cents, or 1.6 percent, to $54.04 a barrel as of 12:31 p.m. EDT, while US crude futures CLc1 lost 77 cents, or 1.4 percent, to $51.64 a barrel.

Saudi Arabia, Iraq and Kuwait believe $60 a barrel will lift their economies and allow for more energy-industry investment, the officials said, without jumpstarting too much American shale output, which can be ramped up and down with prices more easily than most oil production.

Oil prices are on pace for their biggest daily percentage decline since early March, and US crude oil production is expected to rise in both 2017 and 2018.

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The Organisation of Petroleum Exporting Countries and other major producers are committed to reducing oil stockpiles, and all countries participating in a six-month deal to pare output are committed to restoring the market's stability, Barkindo said at a conference in Abu Dhabi.

The country's crude oil export stood at 6.957 million barrels per day in February 2017, as compared to 7.713 million barrels per day in January, according to JODI data.

US crude imports rose last week by 56,000 barrels per day.

US shale production is ramping up aggressively.

"As long we do not get any negative surprises in terms of demand, the price is likely to settle back into its recent range with the upside still capped", Ole Hansen, the head of commodity strategy at SaxoBank, said in a semi-regular newsletter.

He said "conformity" within Opec and other producers was improving and that the UAE was complying 100 percent with its pledge to cut production. Joint talks with non-OPEC oil ministers will also take place that day, two sources said.

In politics, U.S. President Donald Trump has ordered an inter-agency review of whether the lifting of sanctions against Iran under a 2015 nuclear deal was in the United States' national security interests, Secretary of State Rex Tillerson said late on Tuesday.

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