Oil prices dip as rising U.S. supplies offset OPEC cuts

By Henning Gloystein SINGAPORE (Reuters) - Oil dipped on Wednesday, weighed down by ongoing high supplies despite an OPEC-led production cut, but prices remained within a narrow trading band that has been in place since late January. Brent crude futures , the international benchmark for oil prices, were trading at $55.44 per barrel at 0423 GMT, down 14 cents from their last close. U.S. West Texas Intermediate (WTI) crude futures were at $52.74 a barrel, down 7 cents.