Brent crude oil prices have remained steady above $50 a barrel after the Organization of the Petroleum Exporting Countries (OPEC) agreed to a production cut.

International benchmark Brent crude futures were up six cents and traded at $50.25 per barrel, while the US West Texas Intermediate (WTI) futures fell eight cents at $48.16, Reuters reported.

Last week, OPEC agreed to cut production to between 32.5 million barrels per day (bpd) and 33.0 million bpd from the existing 33.5 million bpd.

"It risks a steep price decline should it fail to achieve its goal of cutting output back to less than 33 million bpd."

OPEC plans to finalise details at its policy meeting in November.

However, traders said that markets were still being weighed down by continuous oversupply as OPEC-members such as Saudi Arabia, Iran and Iraq unwilling to cut production as they aim to gain market share.

Analysts said that oil prices may still fall in case the planned cut in production was not deep enough to bring output back in line with consumption.

Barclays told the news agency: "OPEC has created its own Q4 risk to oil prices. In raising expectations of a November deal to cut production, it also risks a steep price decline should it fail to achieve its goal of cutting output back to less than 33 million bpd.”