Oil stable as OPEC's cuts bite, although bloated market still weighs

By Henning Gloystein SINGAPORE (Reuters) - Oil prices were stable on Monday on signs that OPEC-led production cuts were reducing global overproduction, although bloated inventories and rising output elsewhere were weighing on markets. Brent crude futures were trading at $56.72 per barrel at 0752 GMT, up 2 cents from their previous close. West Texas Intermediate (WTI) crude futures were down 2 cents at $53.84 a barrel.