Oil prices were stable on Tuesday as OPEC said there were clear signs the market was rebalancing and as U.S. production remained offline following Hurricane Nate. U.S. West Texas Intermediate (WTI) crude futures were trading at $49.66 per barrel at 0054 GMT, up 8 cents, or 0.16 percent, from their last close. Brent crude futures, the international benchmark for oil prices, were up 5 cents, or 0.1 percent, at $55.84 a barrel. Traders said that oil prices received support from a statement by the Organization of the Petroleum Exporting Countries (OPEC) saying that oil markets had re-balanced following years of oversupply.
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Written by Alex Lawler at Reuters