Oil prices were steady around $50 a barrel after a week of turmoil though doubts against OPEC production cuts effectiveness persisted among investors.

North Sea Brent crude gained 25 cents to $53.25 a barrel while US light crude was soared marginally by 20 cents to settle at $49.97 per barrel, Reuters reported.

Both the benchmarks are $2 down from Monday prices when investors engaged in frenzied buying after OPEC agreed to reduce oil output.

"Optimism over the OPEC cut decision has eroded a bit."

OPEC members are again scheduled to meet at Vienna with non-OPEC countries to discuss last week agreement.

SEB Chief Commodities Analyst in Oslo Bjarne Schieldrop was quoted by the news agency as saying: “Optimism over the OPEC cut decision has eroded a bit.

"The devil will be in the details.”

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By GlobalData

The US crude oil inventories decreased by 2.4 million barrels in the week that ended 02 December against the expectations of one million drop by analysts.

The US dollar also slipped as Treasury bond yields eroded and investors watch for the next week Federal Reserve meeting.

Historically, a weak dollar makes oil less expensive for importing countries which is generally traded in US currency.