Oil markets range-bound as supplies remain plentiful amid OPEC-led cuts

By Henning Gloystein SINGAPORE (Reuters) - Oil dipped on Wednesday, weighed by ongoing high supplies despite an OPEC-led production cut, but prices remained within a narrow range that has bound the market since late January. U.S. West Texas Intermediate (WTI) crude futures were at $52.73 a barrel, down 8 cents. The Organization of the Petroleum Exporting Countries (OPEC) has said it will cut production by around 1.2 million barrels per day (bpd) in the first half of 2017 in an effort to end glob