Oil prices have witnessed a marginal increase though US crude and gasoline inventory increases causing a record high.
The OPEC-led output cut has helped the oil market to stabilise amid growing US stocks.
Brent crude gained 15 cents at $55.90 per barrel, while US light crude traded at $53.21 a barrel after rising by 10 cents, reported Reuters.
Energy Information Administration reported that crude inventories increased by 9.5 million barrels in the week that ended 10 February to touch 518 million barrels stock.
Gasoline stocks also increased by 2.8 million barrel to touch 259 million barrels.
Since mid-2016, US crude oil production has increased by 6.5% to 8.98 million bpd.
MineLife founding director and senior resource analyst Gavin Wendt was quoted by the news agency as saying: “There's no doubt that the world oil market is very much in wait-and-see mode, which is why the price has remained in the mid-$50s per barrel range since mid-December."
According to Wendt, the rising shale output could bring down the oil prices.
Crude oil prices are likely to remain between $45 and $55 a barrel this year.