On Tuesday, crude markets were torn between output cuts by key exporters Saudi Arabia as well as Russia and also reports that supplies from other regions including Iraq, North America and Iran could compensate any restraint aimed at curbing a global glut.
Brent crude futures, the international benchmark for crude prices, were worth $54.99 a barrel, rallying 5 cents from their last close. American West Texas Intermediate crude futures were trading at $52.04 a barrel, ascending 8 cents.
It came after prices dropped approximately 4% during last trading session on the back of worries that surging output in Iraq and Iran as well as increased drilling in North America turned to be undermining efforts led by Saudi Arabia in order to curb global oversupply, which has weighed on markets for more than two years.
Iraq, the second biggest crude producer within the OPEC, has provided full supply allocations of Basra crude to three refiners in Europe and Asia for February.
