Oil prices dip after strong rally, but sentiment remains confident

By Henning Gloystein SINGAPORE (Reuters) - Oil prices dipped on Thursday on profit taking after markets rallied the previous day due to a draw in U.S. stocks and an expectation of an OPEC-led cut in production. U.S. West Texas Intermediate (WTI) crude oil futures were trading at $51.38 per barrel at 0238 GMT, down 22 cents from their last close. International Brent crude futures were trading at $52.56 per barrel, down 11 cents.