Oil dips on rising US crude inventories, production

Oil markets dipped on Thursday, weighed down by rising crude inventories and production in the United States as well as a stronger dollar, which potentially hampers fuel consumption in countries that use other currencies at home.

Brent crude futures, the international benchmark for oil prices, were at $56.18 a barrel, as of 0531 GMT, down 11 cents, or 0.2 per cent, from their last close.

US West Texas Intermediate (WTI) crude futures were at $50.64 per barrel, down 5 cent.