Oil prices dip but stay near 1-year highs on expected production cut

By Henning Gloystein

SINGAPORE Oil prices edged down early on Tuesday but held near one-year highs touched on growing expectations of an output cut by OPEC producers, and traders said the price outlook remains bullish as confidence in crude markets rises.

Oil prices jumped as much as 3 percent on Monday, with Brent hitting a one-year high, after Russia said it was ready to join the Organization of the Petroleum Exporting Countries (OPEC) in curbing crude output.

International Brent crude oil futures LCOc1 were trading at $53.04 per barrel at 0036 GMT, down 10 cents from their previous close, not far off Monday’s $53.73 a barrel high.

U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $51.24 a barrel, down 11 cents from their last close, but also close to Monday’s $51.60 a barrel high.

“Oil rose to a one-year…

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