Oil Prices Under Pressure on Doubts Over Output Cuts

Oil prices were under pressure on Monday due to doubts that large oil producers will reduce production as promised and on expectations that U.S. production would increase again this year. Benchmark Brent crude oil was up 8 cents a barrel at $55.53 after being down for most of the day by 1416 GMT and U.S. light crude was flat at $52.37 a barrel.