Oil prices dip as markets remain bloated despite OPEC-led cuts
* OPEC estimated to be achieving 90 pct of targetted output cuts
* But U.S. rig count rises to highest since October 2015
* Russian exports still high despite cutting production
SINGAPORE, Feb 13 – Oil prices dipped on Monday on signs that global fuel markets remained bloated despite OPEC-led crude production cuts that have been more successful than most initially expected.
Brent crude futures were trading at $56.55 per barrel at 0035 GMT, down 15 cents from their previous close.
West Texas Intermediate (WTI) crude futures were down 12 cents at $53.74 a barrel.
The Organization of the Petroleum Exporting Countries (OPEC) and other producers including Russia have agreed to cut output by almost 1.8 million barrels per day (bpd) during the first half of 2017 in a bid to rein in a global fuel supply overhang.