Brent crude oil prices steadied above $50 a barrel on Monday, supported by a planned production cut by exporter club OPEC, but still under pressure from an overhang in supply that currently exceeds consumption.

International benchmark Brent crude futures LCOc1 were trading at $50.25 per barrel at 0651 GMT, up 6 cents from their last close, although US West Texas Intermediate (WTI) futures CLc1 were down 8 cents at $48.16 a barrel. Oil prices had been supported "following OPEC's preliminary agreement to cut production," ANZ bank said on Monday. 

The Organization of the Petroleum Exporting Countries (OPEC) said last week that it would cut output to between 32.5 million barrels per day (bpd) and 33.0 million bpd from about 33.5 million bpd, with details to be finalized at its policy meeting in November.

OPEC's oil output is likely to reach 33.60 million bpd in September from a revised 33.53 million bpd in August, its highest in recent history.

Source : QNA