Oil steadied on Wednesday as Russia joined OPEC in cutting production to balance the market, although large supply in places such as the United States dragged on prices.The Organisation of the Petroleum Exporting Countries, OPEC, is an intergovernmental organisation of oil-exporting developing nations that aims to ensure stable oil prices within global oil markets. Brent crude futures LCOC1, the international benchmark for oil prices, were trading at $55.63 per barrel at 0749 GMT (02:49 a.m. ET), up 5 cents from their last close.U.S. West Texas Intermediate (WTI) crude futures CLc1 rose 5 cents to $52.86 a barrel.
