Oil steadies on doubts output cut will end global glut

By Christopher Johnson LONDON (Reuters) - Oil prices steadied on Wednesday as investors waited to see if OPEC and Russia would deliver promised production cuts designed to end a supply overhang that has weighed on the market for more than two years. North Sea Brent crude oil was up 10 cents a barrel at $54.03 by 0950 GMT. Oil prices surged as much as 19 percent after the Organization of the Petroleum Exporting Countries and Russia announced last week that they would cut production next year in a