NEW DELHI, Sept 4 Reuters Oil prices were stable on Monday, amid expectations that major producers would keep supplies tight, as hopes grew for the Federal Reserve to leave interest rates unchanged to avoid dampening the U.S. economy.

Brent crude futures for November traded down 3 cents at 88.52 a barrel by 0648 GMT. U.S. West Texas Intermediate crude WTI October futures were unchanged at 85.55 a barrel.

Both contracts ended last week at their highest in more than half a year, after two previous weeks of losses.

Crude oil prices have been primarily driven by the anticipation of additional supply cuts from major oilproducing nations, Russia and Saudi Arabia, said Sugandha Sachdeva, executive vice president and chief strategist at Acme Investment Advisors.

Sachdeva added, however, that the steady increase in U.S. oil production could limit further significant gains in price.

Russia had agreed with partners in the Organization of the Petroleum Exporting Countries OPEC on the parameters for continued export cuts Russian Deputy Prime Minister Alexander Novak said on Thursday.

An official announcement detailing the planned cuts is expected this week.

Russia has already said it will cut exports by 300,000 barrels per day bpd in September, following a 500,000bpd cut in August. Saudi Arabia is also expected to roll over a voluntary 1millionbpd cut into October.

Speaking on Monday at the APPEC conference in Singapore,

Vitol39;s chief executive Russell Hardy said the…