Oil markets edged higher on Tuesday on expectations that at least some planned production cuts would be implemented, making a slight recovery from big losses the previous day over doubts the agreed reductions would rebalance an oversupplied market. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.14 per barrel at 0426 GMT, up 20 cents from their last close. U.S. West Texas Intermediate (WTI) crude oil futures CLc1 were trading at $52.12 per barrel, up 16 cents. Both of the contracts on Monday lost nearly 4 percent. Analysts said the small gains on Tuesday came from expectations that some of the cuts planned by the Organization of the Petroleum Exporting Countries (OPEC) and producers such as Russia would materialise despite doubts over full implementation. “Coordinated output cuts will support the market rebalancing that will draw down global stock levels, leading us to revise up […]