London — Oil prices held largely steady on Tuesday as the prospect of further rises in US output offset some of the optimism that Opec-led production cuts would tighten the balance between crude supply and demand. Brent crude futures were at $63.11 a barrel at 9.42am GMT, down 5c, while US West Texas Intermediate (WTI) crude was down 13c at $56.63. Both benchmarks early in the previous week hit highs last seen in 2015, but traders said the market had lost some momentum since then. Traders said they were cautious about betting on further price rises. "Prices … are starting to look like a pause or pullback is needed," said Greg McKenna, chief market strategist at futures brokerage AxiTrader. This sentiment comes in part as a result of rising US oil output, which has grown by more than 14% since mid-2016 to a record 9.62-million barrels a day. The US government said on Monday US shale production in December would rise for a 12th consecutive month, increasing by 80,000 barrels a day. A ...
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