Oil prices were stable early on Friday, with OPEC-led production cuts supporting the market while soaring U.S. fuel inventories were weighing on crude. 

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U.S. West Texas Intermediate (WTI) crude futures were trading at $53.08 per barrel at 0106 GMT, up 8 cents from their last settlement. 

Brent crude futures , the international benchmark for oil prices, were up 3 cents at $55.66 a barrel.Both crude futures have traded within a $5 range since the beginning of the year, and traders said this was due to competing price drivers. 

"Oil prices continue to struggle to break out of the current range," ANZ bank said on Friday. "The push and pull between competing forces in the crude oil market continued overnight.