U.S. oil settled slightly above $57 a barrel on Tuesday after data showed the U.S. economy grew at its quickest pace in 11 years in the third quarter, balancing downward pressure from a supply glut and evidence of weak global fuel demand.
The Commerce Department on Tuesday revised up its estimate of U.S. gross domestic product growth to a 5 percent annual pace from the 3.9 percent rate reported last month, citing stronger consumer and business spending.
The Commerce Department also reported that orders for durable goods fell 0.7 percent in November, marking the third consecutive month of declines.
North Sea Brent crude has almost halved in price over the last six months as high quality crude oil from North America has overwhelmed demand. Brent reached a five-and-a-half-year low of $58.50 last week.