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Oil prices dip as OPEC expects less demand for its crude

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices dipped on Thursday as producer club OPEC said it expected demand for its crude to decline next year as rivals pump more, pointing to a market surplus in 2018 despite efforts to tighten supply.A drawdown in U.S. fuel inventories and strong demand from China prevented prices from falling further.Brent crude futures were at $47.70 per barrel at 0217 GMT, down 4 cents, or 0.1 percent, from their last close.West Texas Intermediate (WTI) crude futures were at $45.44 per barrel, down 5 cents, or 0.1 percent.The Organization of the Petroleum ...

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First Published: Thu, July 13 2017. 08:53 IST