Oil dips to $52 as US production surge stokes fears of global glut

Brent for March settlement advanced 2 cents to $60.66 a barrel on the London-based ICE Futures Europe exchange after falling 1 percent

Oil tumbled on a report that U.S. production surged and fuel inventories climbed, but signs that OPEC’s plan to drain a global glut is taking hold eased the losses.

Futures fell as much as 1.6 percent in New York after the Energy Information Administration said American oil drillers pumped 11.9 million barrels a day last week and gasoline stockpiles soared. Yet the same report showed Saudi Arabia slashing crude shipments to American refiners and prices recouped much of the loss later in the session. Fluctuating equity markets added to the volatility.

“Gasoline continues to build at a staggering rate and that’s weighing