Singapore — Oil prices dipped on Thursday on profit-taking after markets rallied the previous day due to a draw in US stocks and an expectation of an Opec-led cut in production. US West Texas Intermediate (WTI) crude oil futures were trading at $51.44 a barrel at 1.22am GMT, down 16c from their last close. International Brent crude futures were trading at $52.64 a barrel, down 3c. Traders said that the price dips were a result of profit taking following a rally the previous day, which saw WTI settle at a 15-month high, fuelled by a reduction in US crude stocks by 5.2-million barrels in the week ended October 14 to 468.7-million barrels. "Oil prices continued to rise overnight on optimism over Opec supply restraint and weaker than expected inventories," ANZ bank said on Thursday. The overall mood in oil markets remained confident, with most analysts expecting further increases. Reuters technical commodity analyst Wang Tao said US oil was expected to break a resistance zone of $51.67-...
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