Oil prices edged up on Wednesday, lifted by a small supply cut by crude exporter Saudi Arabia, but markets remained under pressure from signs that the planned OPEC output reductions were being poorly implemented and as supplies from elsewhere rose. 

Prices for Brent crude futures, the international benchmark for oil prices, were trading at $53.77 per barrel at 0130 GMT, up 13 cents from their last close. 

U.S. West Texas Intermediate (WTI) crude oil futures were at $50.96 a barrel, 14 cents above their last settlement.Traders said that the price rises were a result of Saudi Arabia, the world's top oil exporter, telling at least one Asian refiner that it will curb crude supplies slightly from contracted volumes in February. 

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Despite this, there were doubts that the cuts would be deep enough to rebalance a market suffering from oversupply for the past two years. Both Brent and WTI futures are down around 6 percent since the start of the year.