Oil prices dip Wednesday morning after a three-day rally in trading.
However, the dip is relatively moderate in light of the fact that oil output remains limited. This is due to the fact that major producers like Saudi Arabia has limited options for raising output, writes Reuters.
Moreover, nations like Libya and Ecuador also face output and export issues.
A barrel of European reference oil, Brent, drops 0.7% to USD 117.12 Wednesday morning. Thursday last week, a barrel of Brent cost USD 110.05. US counterpart, West Texas Intermediate, trades for USD 111.23 per barrel, a decline of 0.5%. Thursday last week, the price of WTI came to USD 104.27 per barrel.