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Oil dips in cautious trading ahead of OPEC meeting

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Singapore - Oil prices dipped in Asia on Wednesday despite official China data showing factory activity expanded in May, as traders treaded cautiously before an Organisation of the Petroleum Exporting Countries (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.

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