Oil prices dipped on Thursday as producer club OPEC said it expected demand for its crude to decline next year as rivals pump more, pointing to a market surplus in 2018 despite efforts to tighten supply. A draw-down in U.S. fuel inventories and strong demand from China prevented prices from falling further. Brent crude futures were at $47.70 per barrel at 0217 GMT, down 4 cents, or 0.1 percent, from their last close. West Texas Intermediate (WTI) crude futures were at $45.44 per barrel, down 5 cents, or 0.1 percent.

The Organization of the Petroleum Exporting Countries (OPEC) said late on Wednesday that the world would need 32.20 million barrels per day (bpd) of crude from its members next year, down 60,000 bpd from this year, as consumers have increasing choice of supplies from outside OPEC.

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