Oil prices were stable on Tuesday as OPEC said there were clear signs the market was re-balancing and as U.S. production remained offline following Hurricane Nate. U.S. West Texas Intermediate (WTI) crude futures were trading at $49.66 per barrel at 0054 GMT, up 8 cents, or 0.16 percent, from their last close. Brent crude futures , the international benchmark for oil prices, were up 5 cents, or 0.1 percent, at $55.84 a barrel. 

Traders said that oil prices received support from a statement by the Organization of the Petroleum Exporting Countries (OPEC) saying that oil markets had re-balanced following years of oversupply.

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