Oil edges up after steep fall; OPEC cuts, stocks draw support

By Jessica Jaganathan SINGAPORE (Reuters) - Oil prices edged higher on Wednesday, steadying after a more than 4% fall in the previous session, as extended output cuts by OPEC and its allies helped underpin prices despite growing concerns about weak demand. An expected large draw in crude oil inventory in the United States also buoyed sentiment after a bigger-than-expected fall in inventories in a private survey.

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