Oil prices slipped on Wednesday on persistent doubts whether a planned crude production cut led by OPEC and Russia would be deep enough to end a supply overhang that has dogged markets for over two years.

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International Brent crude futures were at $53.82 per barrel at 0608 GMT, down 11 cents, or 0.2 %, from their last close.

U.S. West Texas Intermediate (WTI) crude futures were down 17 %, or 0.33 %, at 50.76 per barrel.
                        Oil prices shot up as much as 19 % after the Organization of the Petroleum Exporting Countries (OPEC) and Russia last week announced they would jointly cut production next year in an attempt to prop up markets. OPEC and non-OPEC oil producers will meet this weekend in Austria's capital to agree details of the output cut, which targets an overall reduction of around 1.5 million barrels per day.

"While the OPEC accord had helped rally crude prices towards $55 (for Brent), the commitment of the cartel and the non-OPEC members will be put to test this Saturday when they once again meet in Vienna," said Mihir Kapadia, chief executive at Sun Global Investments.