Oil prices dipped early on Monday but remained near multi-month highs reached late last week as the count of U.S. rigs drilling for new production fell and refineries continued to start up after having been knocked out by Hurricane Harvey. U.S. West Texas Intermediate (WTI) crude futures were at $49.83 barrel at 0021 GMT, 6 cents below their last settlement, but still close to the more than three month high of over $50 per barrel briefly reached late last week. Brent crude futures, the benchmark for oil prices outside the United States, were at $55.58 a barrel, down 4 cents but still not far off the almost five-month high of $55.99 from late last week.
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Written by Karolin Schaps at Reuters