Oil dips

Singapore : Oil prices dipped on Friday as high U.S. crude exports outweighed lower crude inventories in the world´s biggest consumer of the fuel.

U.S. West Texas Intermediate (WTI) crude futures were at $62.73 a barrel at 0449 GMT, down 4 cents from their last settlement.

Brent crude futures were down 6 cents at $66.33 a barrel. Traders said crude was weighed down by demand entering seasonal lows as the northern hemisphere comes out of winter and by high U.S. exports.

U.S. crude exports jumped to just above 2 million barrels per day (bpd) last week, data from the Energy Information Administration (EIA) showed on Thursday, close to a record high of 2.1 million hit in October.

That helped pull down net imports to the lowest level on record of below 5 million bpd. U.S. crude oil production was virtually unchanged last week at 10.27 million bpd, close to levels of top producer Russia and more than OPEC-kingpin Saudi Arabia pumps.