Oil prices stabilized on Wednesday after the Organization of the Petroleum Exporting Countries said it was committed to reducing supply oversupply in global markets hit by the market since 2014, although increased US production and stockpiles continued to put pressure on crude.
Brent crude futures were trading at $ 54.92 a barrel by 0741 GMT, close to the close of the previous session.
US WTI crude futures were also flat at $ 52.43 a barrel.
Traders said prices were supported by comments by OPEC Secretary General Mohamed Barkindo, in which he said the organization was committed to restoring stability to the market by cutting world stocks to an average of five years.
OPEC and independent producers such as Russia agreed to cut production by 1.8 million barrels per day (bpd) in the first half of this year to reduce the glut of global fuel supplies, which have been squeezing markets since mid-2014.
The market also received some support from lower Saudi shipments.
Saudi Arabia's exports fell to 6.96 million barrels per day (bpd) in February from 7.7 million bpd in January, according to Jodi data. However, Saudi Arabia's output rose to 10 million bpd in February from 9.75 million bpd in January as refiners treated more crude.