Oil falls on doubts output cut will end global glut

Oil prices slipped on Wednesday on doubts production cuts promised by OPEC and Russia would be deep enough to end a supply overhang that has weighed on markets for more than two years. North Sea Brent crude was down 65 cents a barrel at $53.28 by 1430 GMT. Oil prices surged almost 20 percent after the Organization of the Petroleum Exporting Countries and Russia announced last week that they would cut production next year in an effort to prop up markets.