Oil prices dipped on Thursday, struggling to recover from four-month lows due to investor concerns that OPEC-led supply cuts were not yet reducing record U.S. crude inventories.
Brent crude futures, the international benchmark for oil, fell 11 cents to $50.53 per barrel by 2:25 p.m. ET (1835 GMT). It held above Wednesday's slide to $49.71, its lowest level since Nov. 30 when OPEC announced plans to cut output.
U.S. West Texas Intermediate (WTI) crude futures settled Thursday's session 34 cents lower at $47.70 a barrel, after threatening to fall below $47 on Wednesday.
Brent remains well below this year's high above $58, hit shortly after Jan. 1 when the deal between the Organization of the Petroleum Exporting Countries and non-OPEC states to curb supplies by 1.8 million barrels per day (bpd) came into effect.
OPEC has broadly met its commitments to reduce output, but non-OPEC producers have yet to fully deliver on pledged cuts and U.S. shale oil producers have been pumping more oil after crude prices recovered from last year's drop below $30.