Oil Falls ahead of OPEC Meeting

Oil prices dipped in Asia Wednesday as traders traded cautiously before an OPEC meeting in Vienna this week. Crude prices have rebounded from their January lows of under $30 and last week briefly pushed past $50 a barrel for the first time this year as the market gained support from production outages in Canada and Nigeria. 

    But prices have since retreated back below the key psychological level, and crude futures remain less than half of their 2014 peaks of over $100 amid a stubborn global supply glut.

    At about 0345 GMT, US benchmark West Texas Intermediate (WTI), for delivery in July, was down 31 cents at $48.79 a barrel.Brent North Sea crude for August, a new contract, was down 39 cents at $49.50.