Oil prices were stable on Friday, with rising crude output from the United States offsetting efforts by OPEC and other producers to prop up the market by cutting supplies. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $56.21 per barrel at 0231 GMT, virtually unchanged from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 were at $53.84 a barrel, up 6 cents. Traders said growth in U.S. output was counteracting efforts by the Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia to reduce a global fuel overhang, resulting in range-bound prices. “U.S. producer hedging via futures and increasing shale production offset the progress OPEC has made with its production cut implementation,” said Jeffrey Halley, senior market analyst at futures brokerage OANDA in […]