Mubasher: Oil prices were stable on Monday ahead of the release of a report by the Organization of Petroleum Exporting Countries (OPEC) and despite a rise in the number of US oil rigs.

By 8:50 am GMT, Brent crude futures were unchanged at $63.51 per barrel (pb), while US crude (Nymex) were stable at $56.75 pb.

OPEC is scheduled to announce its report for member production for October later on Monday.

OPEC last reported that oil output had increased by 88,500 barrels per day (bpd) in September to 32.75 million bpd.

Earlier on Monday, OPEC secretary-general Mohammad Barkindo said that the oil market rebalancing was moving at a quick pace, noting that output cuts were the “only viable option” to restore stability.

Global oil production cuts have helped boost oil prices and trim down stockpiles from record levels.

The OPEC agreement to reduce production ends in March 2018.

GCC member Oman backs an extension to the deal, its oil minister Mohammed Hamad Al Rumhy told reporters.

In its Monday report, OPEC will raise its estimate of oil demand growth to “above 1.5 million barrels a day” for both 2017 and 2018, Barkindo revealed, noting that oil inventories have fallen by as much as 180 million barrels in 2017.