Reuters | Oil overhang points to need for extended OPEC output cuts Reuters LONDON An OPEC-led production cut may well be accelerating a drawdown in global oil stocks that began last year, but implementing the reduction for just six months means the producer group will fall short of achieving its objective of rebalancing the ... US crude settles at $53, up 1.3%, as drop in gasoline stockpiles signals higher demand Gasoline Pulls Oil Higher as Traders Shrug Off Crude Supply Gain Global oil glut disappearing faster than expected |