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Oil prices stable as OPEC says market is rebalancing

10 October 2017 05:52 (UTC +04:00)

Oil prices were steady on Tuesday as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate, APA reports quoting Reuters.

U.S. West Texas Intermediate (WTI) crude futures were trading at $49.65 per barrel at 0327 GMT, up 7 cents, or 0.14 percent, from their last close.

Brent crude futures, the international benchmark for oil prices, were up 6 cents, or 0.1 percent, at $55.85 a barrel.

Traders said that oil prices were supported as the Organization of the Petroleum Exporting Countries (OPEC) said oil markets were rebalancing fast after years of oversupply.