Oil prices held steady on Thursday after falling late in the previous session, supported by ongoing supply cuts led by OPEC and Russia.

However, traders said a price rally that has pushed up Brent crude by over 40 percent since July may have run its course due to increases in U.S. supplies and some indicators of a demand slowdown. Brent futures were at $63.66 per barrel at 0246 GMT, up 17 cents, or 0.3 percent, from their last close, but about $1 off the over two-year high of $64.65 a barrel reached earlier this week.

U.S. West Texas Intermediate (WTI) crude was at $56.94 per barrel, up 13 cents, or 0.2 percent, but also some way off this week's more than two-year high of $57.69 a barrel.

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