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Oil prices stable on expected OPEC cuts, but surging U.S. supply drags by www.expertcommodity.com

Oil prices were stable on Friday, supported by expected supply cuts from OPEC but held back by record U.S. production.

U.S. West Texas Intermediate (WTI) crude oil futures were at $56.5/ per barrel, up 12 cents from their last settlement.

Brent crude oil futures were up 7 cents at $66.69 a barrel.

Prices were mainly supported by expectations the Organization of the Petroleum Exporting Countries (OPEC) would start withholding supply soon, fearing a renewed rout such as in 2014 when prices crashed under the weight of oversupply.

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"The main oil price benchmarks - Brent and WTI - are both light-sweet crudes and reflect this glut," the U.S. bank said.

"OPEC production cuts are usually implemented by removing medium and heavier barrels from the market but that does not address the oversupply of light-sweet."

U.S. crude oil production reached another record last week, at 11.7 million barrels per day (bpd), according to U.S. Energy Information Administration (EIA) data published on Thursday.