23.06.201708:15:00UTC+00Crude Oil Steady Ahead Of Rig Count

Crude oil futures were stable for a second day in a row following a recent collapse that took prices to the lowest in ten months.

Traders are testing OPEC's resolve as the cartel has struggled to implement its supply quota plan with Russia.

Mohammed al-Shatti, a deputy chairman of the Kuwait Petroleum Corp., told the official Kuwait News Agency that oil will hover near $50 a barrel for the time being.

"This plan has failed to notch up the ultimate goal of rebalancing the oil market, mainly due to the reluctance of OPEC and non-OPEC producers to cut oil output," he told the Kuwaiti news.

There will be close attention paid when Baker Hughes releases its U.S. oil rig report this afternoon. U.S. drillers have added rigs a record 22 weeks in a row, much to the chagrin of OPEC.

WTI light sweet crude oil was up 10 cents at $42.83 a barrel.