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Oil prices have remained largely unchanged as rising US production continues to offset OPEC’s output cut initiative.

Brent crude futures stayed at $55.86 a barrel, while US West Texas Intermediate (WTI) crude futures lost 6 cents to be traded at $53.05 per barrel, reported Reuters.

The weekly report published by Energy Information Administration (EIA) showed stockpiles at the US crude hub at Cushing, Oklahoma, increased by 276,000 barrels in the week ending 7 April.

However, the EIA data also stated a 2.2 million barrel drop in US crude inventory as oil imports decreased by 717,000bpd in the last week. 

"The oil market was supported by data that China imported a record 9.17 million barrels last month."

Brent and WTI have climbed in the recent sessions after it was reported that Saudi Arabia, the most prominent OPEC member, is continuing attempts to convince other oil cartel members to extend the output cut deal beyond June.

OPEC and other producers such as Russia pledged in November last year to decrease production by 1.8 million barrels per day in the first six months of 2017 to end the rising global glut.

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By GlobalData

Recently, OPEC published a report stating that the group has cut output for March beyond the agreed amounts.

The oil market was also supported by data that China imported a record 9.17 million barrels last month, making it the largest oil importer globally.