Oil slips as rising U.S. inventories overshadow OPEC cuts

Oil prices fell on Wednesday after builds in U.S. inventories reinforced expectations that increasing shale output this year would reduce the impact of production cuts by OPEC and other major exporters. Benchmark Brent crude was down 52 cents a barrel at $54.92 by 10:33 a.m. EST (1533 GMT). U.S. light crude was down 40 cents at $52.78.