Oil dipped on Thursday as a rally that has pushed up prices by almost 10 percent since early last week lost momentum despite renewed signs of a gradually tightening U.S. market.
Strong demand in the United States provided prices with support, traders said, but ongoing high supplies from OPEC producers were restricting further gains.
Brent crude futures, the international benchmark for oil prices, were trading down 17 cents, or 0.3 percent, at $52.19 per barrel at 0147 GMT. U.S. West Texas Intermediate (WTI) crude futures were at $49.44 per barrel, down 15 cents, or 0.3 percent, from their last settlement.
U.S. crude prices held below $50 per barrel despite record gasoline demand of 9.84 million barrels per day (bpd) last week and a fall in commercial crude inventories in the week to July 28 of 1.5 million barrels to 481.9 million barrels , according to the U.S. Energy Information Administration (EIA). Read More…