Oil traded flat on Thursday after weekly data indicated a continued rise in U.S. production, while an International Energy Agency (IEA) report said the market was close to balance. Benchmark Brent crude futures were down 1 cent at $55.85 a barrel at 0907 GMT. The contract was set for an overall weekly gain after touching a one-month high on Wednesday. U.S. West Texas Intermediate crude futures were down 3 cents at $53.08 a barrel. They were on track for their third consecutive weekly gain, the longest since early January. U.S. production estimates in a weekly Energy Information Administration (EIA) report suggested domestic output continued to climb, potentially undermining an OPEC-led supply cut. [EIA/S] “We see the weekly inventory and U.S. production data being an important […]