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Crude oil futures were higher Tuesday morning despite concerns about the global supply glut.
OPEC is cutting output, but soaring U.S. production and concerns about demand are keeping oil prices in a stubborn trading range.
WTI light sweet crude was up $1 at $54.74 a barrel, having held below $55 for the past two months. In economic news, IHS Markit's February PMI gauge of eurozone manufacturing activity came in at 56.0, above estimates.
