Oil slips as higher OPEC supply, Saudi price cuts offset Mideast worries

Oil prices dipped in early trade on Monday on sharp price cuts by top exporter Saudi Arabia and a rise in OPEC output, offsetting worries about escalating geopolitical tensions in the Middle East.

Brent crude fell 9 cents, or 0.1%, to $78.67 a barrel by 0057 GMT, while U.S. West Texas Intermediate crude futures shed 10 cents, or 0.1%, to $73.71 a barrel.