Oil prices dipped on Thursday, dragged down by weakening factory output in China and Japan and record US crude output, although markets remained relatively well supported by supply cuts led by producer club OPEC.
International Brent crude futures were at $66.15 per barrel at 0248 GMT, down 24 cents, or 0.4 per cent from their last close. US West Texas Intermediate (WTI) crude oil futures were at $56.92 per barrel, down 2 cents from their last settlement.
Prices were dragged down by surging American crude oil production, which has risen by more than 2 million barrels per day (bpd) over the last year, to an unprecedented 12.1 million bpd. Traders said China’s weakening economy also weighed on oil prices.
