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On Friday, oil prices stabilized expecting production cuts next week. The market is hoping that OPEC and Russia will restrict the production in order to avoid supply glut. Brent crude futures went up by 0.5% and was traded at $59.81 per barrel while US WTI increased by 0.4% and was traded at $51.65 per barrel. The crude market is being kept under constant pressure by the swelling US supplies.