Oil stalls

Singapore: Oil markets held largely steady on Tuesday, even as OPEC producers Saudi Arabia and Iraq pointed to a reduction in supplies in line with efforts to tighten the market and prop up prices.

Prices were capped by rising U.S. shale output and fears that another strong hurricane hitting the Caribbean could knock out refineries and disrupt shipping to and from the United States.

Brent crude futures, the international benchmark for oil prices, were at $55.50 per barrel at 0653 GMT, up 2 cents from their last close.

U.S. West Texas Intermediate (WTI) crude futures were at $50.01 per barrel, up 10 cents, or 0.2 percent, from their last settlement.

Iraq´s oil minister Jabbar al-Luaibi said on Teusday that his country´s crude oil production was currently at 4.32 million barrels per day (bpd).