Oil prices dipped on Thursday, weighed down by a general sentiment of globally bloated markets, though traders said that prices seemed to have found support around current levels.
U.S. West Texas Intermediate (WTI) crude oil futures were trading at $49.37 per barrel at 0420 GMT, down 25 cents, or 0.5 percent from their last close. WTI has lost around 8.5 percent in value from its April peak.
Brent crude futures, the international benchmark for oil prices, were at $51.62 per barrel, down 20 cents, or 0.4 percent. Brent is almost 9 percent below its April peak.
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