Oil trades flat to positive amid tug of war between OPEC-Shale

Oil prices are trading flat to positive this Tuesday morning as traders wait on the sidelines amid the ongoing tug of war between OPEC and Shale. 

At the time of writing, Brent oil was trading 14 cents higher at $56.56/barrel. WTI Oil was trading 11 cents higher at $54.16/barrel. 

A Reuters survey shows OPEC data is likely to show record compliance for February. OPEC nations agreed to curb output by about 1.2 million barrels per day (bpd) from Jan. 1. Russia and non-OPEC also agreed to take out a half million barrels as well. 

However, Shale producers are responding to higher prices by producing more and that is keeping a lid on oil price gains. US oil rig count stands at 602; the highest since Oct 2015. 

The EIA monthly report and the weekly API inventory flow data are due to cross the wires.