Oil rises further above $55, looming supply cuts support

By Alex Lawler LONDON (Reuters) - Oil edged further above $55 a barrel on Tuesday, drawing support from expectations of tighter supply once the first output cut deal between OPEC and non-OPEC producers in 15 years takes effect on Sunday. Jan. 1 is the official start of the deal agreed by the Organisation of Petroleum Exporting Countries and several non-OPEC producers to lower production by almost 1.8 million barrels per day (bpd). Brent crude was up 54 cents at $55.70 a barrel at 1501 GMT.