BP's Chief Executive Bob Dudley said on Tuesday that U.S. shale oil production would likely check future spikes in oil prices and the company saw $55-$60 as a healthy price for crude.For more information visit our website www.ripplesadvisory.com.

"Having a price that moves to $55 or around $60 feels like the right one to help industry avoid dislocations in producing countries... a healthy price for the world feels like 55-60," Dudley told an oil conference in Cairo.

"The big question mark is shale: what happens to the U.S. shale production as oil prices go up, and that will keep a check on a spike in prices." The Organization of the Petroleum Exporting Countries and other exporters including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017, aiming to rein in a global fuel supply overhang.

Oil rose on Tuesday, with benchmark Brent crude up 80 cents to $56.39 a barrel at 1425 GMT, supported by the OPEC-led output cut while rising production elsewhere kept prices within the narrow ranges that have contained them so far this year. U.S. light crude was up 70 cents at $53.63.