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Oil prices dip as supply remains ample despite output cuts

Reuters  |  SINGAPORE 

By Henning GloysteinSINGAPORE (Reuters) - Oil prices dipped on Thursday, weighed down by plentiful supply despite ongoing efforts led by OPEC to tighten the market by cutting production.Brent crude was down 11 cents, or 0.2 percent, from its last close at $52.10 per barrel at 0644 GMT.U.S. West Texas Intermediate (WTI) crude was down 9 cents, or 0.2 percent, at $48.99.The downward correction eroded gains from the previous session when prices rose on the back of a drawdown in U.S. crude inventories and a slight dip in American production.The U.S. Energy Information Administration said on ...

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First Published: Thu, May 18 2017. 12:33 IST