Oil prices dipped on Thursday after the United States reported record crude exports, although traders said that efforts led by OPEC and Russia to cut production meant markets remained well supported overall. U.S. West Texas Intermediate crude futures were trading at $49.86 per barrel at 0206 GMT, down 12 cents, or 0.24 percent, from their last close. Brent crude was down 4 cents, or 0.07 percent, at $55.76 a barrel.

The declines came after the Energy Information Administration said late on Wednesday that U.S. crude oil exports jumped to 1.98 million barrels per day (bpd) last week, surpassing the 1.5 million bpd record set the previous week. The increase has been triggered by the wide discount in U.S. WTI prices against international Brent crude prices, which makes U.S. oil exports attractive.

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