Oil prices dipped on Monday following US decision to maintain high global supplies despite an OPEC-led initiative to cut production to tighten the market.

Brent crude futures were down 13 cents,  at 47.24 dollar per barrel  and West Texas Intermediate crude futures were down 15 cents, at 44.59 dollars per barrel.

Traders said the main factor driving prices lower was a steady rise in U.S. production undermining the OPEC-led effort.

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