Oil dips

London/Singapore

Oil dipped on Monday, weighed down by rising U.S. output although a 13 percent fall in U.S. crude inventories since March indicated a gradually tightening market.

Brent crude futures, the international benchmark for oil prices, were at $52.64 per barrel at 0639 GMT, down 8 cents, or 0.2 percent, from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $48.47 a barrel, down 4 cents, or 0.1 percent.

The moves follow a sharp 3 percent jump in prices on Friday. Traders said the market was dampened by rising U.S. production, which has broken through 9.5 million barrels per day (bpd), its highest since July 2015.

"U.S. oil production is forecast to grow by almost 1 million barrels per day in 2018 and by 850,000 barrels per day from May through year-end," Barclays bank said on Monday.