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Oil edges higher as U.S. drilling activity weighed against OPEC output cuts

Published 01/02/2017, 12:31 am
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Investing.com - Oil edged higher Tuesday as investors weighed the impact of higher U.S. drilling activity against output cuts.
Brent crude was up 21 cents, or 0.38%, at $55.53 at 08:00 ET. U.S. crude added 4 cents, or 0.08%, to $52.67.
A pick-up in North American shale output could offset the impact of agreed output cuts by other producers.
OPEC and non-OPEC producers have agreed to cut output by some 1.8 million barrels a day in the first half of this year.
A Reuters survey showed an 82% compliance level with OPEC's output cut quota in January.

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