Brent oil traded above $56 a barrel after Saudi Arabia said output cuts from OPEC and other producers will balance the market by June. Futures added 0.8 percent in London after advancing 0.7 percent Monday. The compliance level of reductions and the outlook for rising global demand should be enough to balance the market by the end of the first half of 2017, meaning the six-month deal probably won’t need to be extended, Saudi Arabia’s Energy Minister Khalid Al-Falih said. Output from China, which is not part of the production deal, is forecast to continue its decline this year. Brent has gained since the Organization of Petroleum Exporting Countries and 11 other nations agreed late last year to trim supply by about 1.8 million barrels a day, but the rally’s momentum has fizzled amid concern that rising prices would spur more supply. While Middle East producers have signaled they’re […]