Oil prices have remained largely stable as the Organization of the Petroleum Exporting Countries (OPEC) countries indicated a fall in supplies but the impact was largely offset due to rising US shale output.
Brent crude futures gained 2 cents from the last session to $55.50 per barrel, while the US West Texas Intermediate (WTI) crude futures climbed 10 cents at $50.01, reported Reuters.
The rise in crude prices was also restricted by the growing concerns over another strong hurricane anticipated to strike Caribbean that could again disrupt normal production and shipping from the US.
Iraq Oil Minister Jabbar al-Luaibi said the country is currently producing 4.32 million bpd compared with the 4.5 million bpd level in May and June.
In July, Saudi Arabian crude exports also declined to 6.693 million bpd from 6.889 million bpd in June.
OPEC members with other key oil producing nations including Russia have agreed to cut oil output by 1.8 million bpd to March next year to eliminate the global oil glut and increase prices.
However, according to the US Energy Information Administration, shale production in the country is set to increase for the tenth consecutive month in October.
Production from seven shale plays is estimated to increase by nearly 79,000bpd to 6.1 million bpd.