Oil prices remained stable on Thursday as a fall in US Crude stocks were countered by a rise in output and an increase in stocks.
U.S. West Texas Intermediate (WTI) crude futures were at $55.95 a barrel at 0658 GMT, virtually unchanged from their last settlement.
Brent crude futures, the international benchmark for oil prices, were at $61.29 a barrel, up 7 cents.
The rising output has put OPEC plans to normalize oil prices in jeopardy. Oil prices have been historically down in the last few years as output for the crude increased manifolds that brought down the prices of oil in international markets. US Shale producers have informed that they plan to ramp up the production after OPEC announced extension in the cuts.