Oil dips as US stocks rise; prospect of OPEC action supports

Oil prices declined on Wednesday, holding below $60 a barrel on data showing a bigger-than-expected rise in US crude stocks, but the prospect of deeper output cuts by OPEC and its allies offered support.

Brent crude futures were down 25 cents, or 0.43 per cent, to $59.45 a barrel at 0834 GMT.

West Texas Intermediate (WTI) crude futures for December delivery fell 32 cents, or 0.59 per cent, to $54.16 per barrel. The November contract expired on Tuesday at $54.16.