Oil edged further above $55 a barrel on Wednesday supported by signs that Russia and OPEC producers are delivering on promised supply reductions, although a report showing a large rise in U.S. crude inventories limited gains.
Russia has cut production in January by around 100,000 barrels per day (bpd), according to data provided to Reuters on Wednesday. A day earlier, a Reuters survey found high compliance by OPEC with agreed cuts.
Brent crude was up 37 cents at $55.95 a barrel at 1250 GMT, having risen as high as $56.08. U.S. crude rose 29 cents to $53.10.
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