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Oil dips on glut concerns, but strong China imports support

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil dipped on Thursday on persistent worries about oversupply, but strong Chinese imports and signs that U.S. storage tanks are gradually being drained offered some support to prices.Brent crude futures were at $47.70 per barrel at 0657 GMT, down 4 cents from their last close.West Texas Intermediate (WTI) crude futures were down 3 cents at $45.46 per barrel.The dips came after the International Energy Agency's chief economist, Laszlo Varro, said that oil markets were still oversupplied."There is no doubt in the short term the market is oversupplied," ...

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First Published: Thu, July 13 2017. 12:41 IST