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Oil prices dipped on Thursday denying support from surging stock market. The market stumbled upon the global economic concerns and was weighed down by the worries of future supply glut. Brent went down by 0.15%, at $54.39 a barrel. WTI futures dipped by 0.19% and were traded at $46.13 per barrel. According to the recent OPEC meeting, output will be limited by 1.2 million bpd in January.