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Oil prices stabilize as Russia joins OPEC in production cut

SINGAPORE: Oil steadied on Wednesday as Russia joined OPEC in cutting production to try to balance the market, although plentiful supply in places such as the United States dragged on prices. Brent crude futures LCOc1, the international benchmark for oil prices, were trading at $55.63 per barrel, up 5 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 5 cents to $52.86 a barrel. Prices reversed earlier falls after reports that Russia cut its oil and gas condensate production by…