Oil prices dip as rising U.S. output offsets OPEC-led cuts

By Henning Gloystein SINGAPORE (Reuters) - Oil prices dipped on Friday as rising crude output from the United States was offsetting efforts by OPEC and other producers to prop up the market by cutting supplies. Brent crude futures, the international benchmark for oil prices, were trading at $56.17 per barrel at 0556 GMT, down 7 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $53.77 a barrel, down 1 cent. Trading activity during Asian business hours was extre