Oil prices dip as markets remain bloated despite OPEC-led cuts

By Henning Gloystein SINGAPORE (Reuters) - 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. 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 20