2017.09.1903:21:00UTC+00Oil Stable on Tighter Middle East Stocks

Crude markets were mostly stable on Tuesday, even as OPEC producers Saudi Arabia and Iraq indicated a decline in supplies in accordance with an initiative to rebalance the market and bolster prices.

Prices were limited by the increasing U.S. shale production and concerns that another strong hurricane that lashed out at the Caribbean could shutter refineries and hinder shipment of crude to and from the U.S.

Brent crude futures stood at $55.48 per barrel, steady from their last settlement. U.S. WTI crude futures stood at $50 per barrel, rising 9 cents from their last close.

Iraq's oil minister Jabbar al-Luaibi said that his nation's crude oil production was presently at 4.32 million bpd. The figures compares to almost 4.5 bpd in May and June. The Iraqi official's comments came after data showed Saudi crude exports decline to 6.693 million bpd in July, down from 6.889 million bpd in June.

OPEC along with other non-OPEC crude exporting nations has committed in a historic deal to lower output by 1.8 million bpd this year and into 2018 in a move to tighten the markets. However, the U.S. is not part of the deal, making the upside of the prices limited due to increasing U.S. output, according to analysts.