Oil eases on rising U.S. inventory, market looks to EIA data

By Naveen Thukral SINGAPORE (Reuters) - Oil edged lower on Wednesday as expectations of an increase in U.S. inventories weighed on the market, offsetting bullish momentum from output cuts announced by OPEC and other producers. Brent crude, the international benchmark for oil prices, had dropped 15 cents, or 0.3 percent, to $55.29 a barrel by 0228 GMT. U.S. West Texas Intermediate (WTI) crude futures lost 22 cents, or 0.4 percent, to trade at $52.96 a barrel.