A worker at an oil field owned by Bashneft, Bashkortostan, Russia, January 28, 2015. REUTERS/Sergei Karpukhin/File Photo

LONDON (Reuters) – Oil prices steadied on Tuesday after news of lower crude supplies from Saudi Arabia offset higher production from other large exporters including the United States.
Saudi state oil company Aramco will cut allocations to its customers worldwide in September by at least 520,000 barrels per day (bpd), an industry source familiar with the matter told Reuters on Tuesday.
The cut is in line with the kingdom’s commitments in a supply reduction pact led by the Organization of Petroleum exporting Countries designed to bolster oil prices that have been depressed for more than three years by a global glut.
But oil production remains high in many parts of the world and prices are still around half the level seen in 2011-2014.
Benchmark Brent crude was up 5 cents at $52.42 a barrel by 0745 GMT. U.S. light crude was 10 cents higher at $49.49.
“Support is coming from …
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