Oil prices steadied on Monday, pausing for breath after coming under pressure over the past month from rising production in the United States, Libya and Nigeria, which has taken the edge off an OPEC-led initiative to support the market by cutting production.
Brent crude futures LCOc1 were trading 9 cents higher at $47.46 per barrel by 1304 GMT.
U.S. West Texas Intermediate (WTI) crude futures CLc1 were 7 cents higher at $44.81 per barrel.
Both benchmarks are down some 13 percent since late May, when producers led by the Organization of the Petroleum Exporting Countries extended a pledge to cut output by 1.8 million barrels per day (bpd) for an extra nine months.
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